The FTX Estate to Begin Customer Distributions in 2025
Key Points:
- FTX will start customer distributions in January 2025.
- The exchange collapse in November 2022 had significant repercussions for the industry.
Customer Distributions to Begin in January 2025
FTX debtors will commence customer distribution in early January, following the court-approved Chapter 11 bankruptcy reorganization effective on January 3, 2025.
Details of the Distribution Plan
The collapsed crypto exchange announced on Dec. 16 that initial distributions under the plan will occur within 60 days. Participation will be subject to KYC requirements. FTX will collaborate with BitGo and Kraken for asset distribution.
The FTX Debtors announced that the effective date for its Plan of Reorganization is set for January 3, 2025. Read more here.
— FTX (@FTX_Official) December 16, 2024
CEO Comments
John J. Ray III, CEO of FTX Debtors, expressed satisfaction with the recovery efforts and the upcoming distribution process, urging customers to complete necessary steps promptly.
BitGo’s Role in the Distribution
BitGo’s CEO, Mike Belshe, highlighted the company’s support for FTX and its commitment to providing secure services for retail and institutional clients.
FTX’s collapse in 2022 led to the incarceration of top executives, including former CEO Sam Bankman-Fried. The FTT token saw a 7% increase after the distribution announcement.
