According to ChainCatcher news and a press release, FTX and its affiliated debtors announced that the Chapter 11 restructuring plan approved by the court will officially take effect on January 3, 2025. The first round of distributions will begin within 60 days after the effective date, solely for the approved claim holders in Convenience Classes. FTX has reached an agreement with cryptocurrency custodians 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 by January 3, 2025:
Log in to the FTX debtor client portal
Complete KYC verification
Submit necessary tax forms
Complete account opening at 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 restructuring plan on January 1, 2025, and the start of distributions reflect the significant results of the asset recovery efforts.” For transferred 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 distribution. FTX Digital Markets Ltd. (FTX DM) will announce its customer distribution process separately.