FTX and the creditors have announced that the Chapter 11 reorganization plan will officially take effect on January 3, 2025. 📅

- This date is also chosen as the record date for the initial distribution for those with approved claims in the convenience classes of the plan.

- Payments are expected to begin within 60 days from the effective date. Recipients need to complete KYC procedures and other distribution requirements.

- FTX estimates the total recovery amount will be between $14.7 billion and $16.5 billion, thanks to efforts to recover assets from multiple parties. 💼

CEO John J. Ray III emphasized the significant success of these efforts, positioning FTX strongly to repay customers and creditors.