The FTX reorganization plan is set to take effect on January 3, 2025, with distributions to creditors starting within 60 days. FTX has partnered with BitGo and Kraken to ensure secure and efficient payments. Repayments will be managed through these companies, which provide seamless and secure disbursement of funds for both retail and institutional creditors.
The first distribution record for creditors in the “convenience classes” will occur on this date, and there will be an option to receive repayment in stablecoins. FTX’s CEO, John J. Ray III, has commented on the progress of the reorganization plan, calling it a critical feat. The plan, approved by a bankruptcy judge in October, has allowed FTX to return approximately 119% of claimed account values for 98% of users.
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