The first round of compensation has officially come into effect, and the exchange restructuring plan has begun to rotate.

$FTT BlockBeats News, on December 29, according to data disclosed by HODL15 Capital, FTX will include $16 billion in cash in the first round of repayment distribution that will officially take effect on January 3, 2025.

BlockBeats previously reported that on December 17, FTX and its affiliated debtors announced that the Chapter 11 reorganization plan approved by the court would officially take effect on January 3, 2025. The first round of distribution will commence within 60 days after the effective date and is only available to approved creditors in the Convenience Classes. FTX has reached agreements with cryptocurrency custodian BitGo and trading platform Kraken to provide asset distribution services to retail and institutional clients. To be eligible for the first round of distribution, users must complete the following steps before January 3, 2025:

Log in to the FTX debtor client portal; complete KYC identity verification; submit necessary tax forms; register with BitGo or Kraken.