Wu said that FTX and its affiliated debtors announced today that its court-approved Chapter 11 reorganization plan will take effect on January 3, 2025, and the first distribution is expected to be made within 60 days after the effective date. FTX also announced today that it has reached an agreement with BitGo and Kraken to assist in the distribution of recovery funds to retail and institutional customers and other creditors in supported jurisdictions under the plan. In addition, FTX filed a lawsuit against Gate on November 24, seeking the recovery of $40 million to return the crypto assets held by the exchange. On-chain transfers show that at least $35 million has been returned to wallets controlled by FTX.