FTX Debt to Start Paying Off in 2025!
😮 The effective date of FTX’s reorganization plan is set for January 3, 2025. After that date, initial distributions will be made to debt holders within 60 days.
📅 Dates for the next distribution will be announced at a later date. At this stage, FTX is partnering with BitGo and Kraken. Suinil Kavuri, a representative of the senior debt group, said that there is a place for a third partner on the FTX portal.
💬 FTX Debtors CEO John Ray III said that effective efforts have been made over the past two years to recover billions of dollars to reach this milestone.
With the new process, 94.48% of FTX clients are receiving refunds greater than the value of their claims.
