Deep Tide TechFlow news, December 17, according to a press release, FTX and its affiliated debtors announced today that the Chapter 11 reorganization plan approved by the court will take effect on January 3, 2025. The first round of distributions will begin within 60 days after the effective date, only for approved creditors in the Convenience Classes. FTX has reached agreements with cryptocurrency custodian BitGo and exchange Kraken to provide asset distribution services for retail and institutional clients.

To qualify for the first round of distributions, users must complete the following steps before January 3, 2025:

  1. Log in to the FTX Debtor Customer Portal

  2. Complete KYC identity verification

  3. Submit necessary tax forms

  4. Complete account opening with BitGo or Kraken

FTX CEO John Ray III stated: “Over the past two years, our professional team has successfully recovered billions of dollars in assets. The effectiveness of the reorganization plan and the commencement of distributions on January 1, 2025, reflect significant results in asset recovery work.” For assigned claims, only assignees who complete processing before the record date of January 3, 2025, and whose 21-day objection period has expired will be eligible for distributions. FTX Digital Markets Ltd. (FTX DM) will announce its customer distribution process separately.