FTX is going to repay the money! It is expected to start distribution in January 2025. Please pay attention to the KYC verification notification at any time.

After applying for bankruptcy two years after the Cryptocurrency exchange FTX, FTX announced that it is about to complete the final Chapter 11 reorganization plan and is expected to begin distributing profits in early 2025.

FTX Restructuring Plan Process

According to the official press release, the subsequent process is as follows:

In early December, the debtor is expected to reach a final arrangement with professional distribution agents, who will assist FTX in distributing the recovered funds to global customers in supported jurisdictions. At that time, the debtor will provide instructions to customers to establish approved accounts with the distribution agents on the existing customer portal.

By the end of December, the debtor is expected to announce the exact effective date after the court order approving the disputed claim reserve fund, which is a prerequisite for the distribution under the confirmation order.

The debtor currently expects the plan to take effect in early January 2025. According to the Confirmation Order, the initial distribution will be made to holders in the convenience category of the plan who are allowed to make claims within 60 days thereafter. The record date for the initial distribution will be the same as the effective date.

Customers need to complete KYC verification

In order to be eligible to receive the allocation on the initial distribution date, customers must establish an approved account with the distribution agent before the distribution record date, complete KYC verification, and submit the required tax forms. Customers who apply for claims with FTX Trading Ltd. (USA) should pay attention to email notifications at all times, and Chain News will also keep readers informed of the latest news.

In addition, clients who apply for claims at FTX Digital Markets, Ltd. (Bahamas) are also requested to submit KYC verification by the end of the month.

(FTX Digital Markets customers please note! Please complete the KYC process within 30 days)

Credit traders should note that, according to section 7.4.1 of the plan, debts traded within 45 days before the distribution record date may not be reflected in the debt register at the end of business on the distribution record date, and these debts may be allocated to the transferor.

According to previous reports, FTX expects the total value of assets to be collected, converted into cash, and available for distribution to be between 14.7 billion US dollars and 16.5 billion US dollars. This amount includes assets under the control of the debtor in Chapter 11, as well as assets under the control of FTX Digital Markets, Ltd. (Bahamas) Joint Official Liquidator, FTX Australia Manager, the U.S. Department of Justice, and dozens of private participating institutions. 98% of FTX creditors will receive approximately 119% of their allowed claim amount within 60 days after the plan takes effect.

This article FTX is going to repay the money! Distribution is expected to start in January 2025, please pay attention to the KYC verification notice at any time, which first appeared in ChainNews ABMedia.