FTX Announcement: Court-Approved Chapter 11 Reorganization Plan to Be Effective on January 3, 2025

PANews reported on December 17 that according to FTX’s announcement, its court-approved Chapter 11 reorganization plan will take effect on January 3, 2025, and is set as the record date for the first distribution. The first allocation is expected to be made within 60 days of the effective date and will be available to approved claims in the convenience category. FTX has partnered with BitGo and Kraken to assist in distributing recovery payments to customers and creditors. Distribution requirements include completing KYC verification, submitting tax forms and connecting with designated service providers. FTX reminds users to be wary of phishing emails and scam websites and will announce distribution dates for other categories of claims in the future.