TechFlow news, December 17 — According to PR Newswire, FTX and its affiliated debtors today announced that the court-approved Chapter 11 reorganization plan will become effective on January 3, 2025. The first distribution will commence within 60 days after the effective date and will be available only to approved claimants in the Convenience Classes. FTX has reached agreements with cryptocurrency custodian BitGo and exchange Kraken to provide asset distribution services for retail and institutional customers.
To qualify for the initial distribution, users must complete the following steps by January 3, 2025:
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Log in to the FTX debtor customer portal
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Complete KYC identity verification
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Submit required tax forms
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Open an account with either BitGo or Kraken
FTX CEO John Ray III said, "Over the past two years, our professional team has successfully recovered billions of dollars in assets. The effectiveness of the reorganization plan and the start of distributions in January 2025 reflect the significant progress made in asset recovery." For transferred claims, only transferees whose transfers are processed by the record date of January 3, 2025, and who have passed the 21-day objection period, will be eligible to receive distributions. FTX Digital Markets Ltd. (FTX DM) will announce separately the distribution process for its customers.
