FTX and its affiliated debtors announced that its Chapter 11 reorganization plan will go into effect on January 3, 2025. 📅 This date is set as the first distribution record date for beneficiaries in the plan’s convenience classes.

Payments will begin within 60 days of the plan’s entry into force. Recipients must complete KYC procedures and submit tax forms. Initial payments will only be made to convenience classes.

FTX estimates total recoveries will be between $14.7 billion and $16.5 billion. CEO John J. Ray III said the development demonstrates the success of the recovery efforts. 💪

FTX has partnered with BitGo and Kraken to support the distribution process. FTX’s bankruptcy has been recorded as one of the biggest collapses in the crypto industry.