FTX and its related debtors announced today that the approved Chapter 11 restructuring plan will officially take effect on January 3, 2025. The first distribution will be launched within 60 days after the effective date, only for approved creditors in the Convenience Classes category. FTX has reached agreements with cryptocurrency custodian BitGo and trading platform Kraken to provide asset distribution services for retail and institutional clients. To qualify for the first distribution, users need to complete the following steps before January 3, 2025:
Log in to the FTX debtor client portal;
Complete KYC identity verification;
Submit necessary tax forms;
Register with BitGo or Kraken.
FTX CEO John Ray III said: "In the past two years, our professional team has successfully recovered billions of dollars in assets. The effectiveness of the restructuring plan and the start of distribution in January 2025 reflect the significant results of our asset recovery work." For transferred claims, only the assignee who completes the processing before the record date of January 3, 2025 and the 21-day objection period expires can receive the distribution. FTX Digital Markets Ltd. (FTX DM) will separately announce the distribution process for its clients.