FTX and its affiliated debtors announced that the Chapter 11 reorganization 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, exclusively for approved creditors in the Convenience Classes. FTX has reached agreements with cryptocurrency custodian BitGo and trading platform 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: log in to the FTX debtor client portal; complete KYC verification; submit necessary tax forms; register with BitGo or Kraken.

For an entity capable of repaying all debts of #FTX , it is still very strong; after January 3, the 60-day payout period will end, and according to bankruptcy court procedures, FTX's reorganization operations will begin. The price of $FTT has risen.