FTX and its affiliated debtors have confirmed that their Chapter 11 reorganization plan, approved by the court, will take effect on January 3, 2025. Creditor distributions are expected within 60 days of the plan's implementation. The company has partnered with BitGo and Kraken to facilitate the distribution process. Eligible claim holders may receive repayments within the specified timeframe, subject to conditions like tax documentation completion and onboarding with BitGo or Kraken. Payments for transferred claims will go to the registered transferee listed on the official claims register as of January 3, after a 21-day objection period. Updates on repayments for other creditor groups are forthcoming. FTX creditors can opt for reimbursement via USD wire transfer or stablecoin. The reorganization plan approval has led to a surge in FTX's native token, FTT, by nearly 10%, although it remains significantly below its 2021 all-time high. Read more AI-generated news on: https://app.chaingpt.org/news