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FTX has set the effective and record date for its Chapter 11 reorganization plan as January 3, 2025. FTX will distribute initial funds within 60 days of the effective date.
FTX and its affiliated debtors announced that their Chapter 11 Reorganization Plan, approved by the Court, will become effective on January 3, 2025. This date is also the record date for the Initial Distribution to permitted claimants in the Eligible Classes of the Plan.
The first distribution is expected to occur within 60 days of the plan’s launch, while participation will be contingent on meeting know-your-customer (KYC) and other distribution requirements.
John J. Ray III, CEO of FTX Debtors, expressed optimism about the progress made since the bankruptcy filing. “Over the past two years, our team of professionals has worked diligently and efficiently to recover billions of dollars to this point. The fact that the plan will go into effect in January 2025 and distributions will begin is a reflection of the extraordinary success of the recovery efforts,” he said. Ray encouraged beneficiaries to complete the necessary steps to ensure they receive their distributions on time.
FTX has partnered with two established cryptocurrency service providers to streamline the distribution process:
BitGo: A globally regulated custodian that has been providing institutional-grade trading, clearing, and custody services since 2013.
Kraken: A leading US-based cryptocurrency exchange founded in 2011 that provides spot trading, regulated derivatives, and other services in over 190 countries.
*This is not investment advice.