FTX has begun the process of distributing funds to creditors under its Chapter 11 Plan of Reorganization. The plan, effective as of January 3, 2025, marks a major step in resolving the fallout from the cryptocurrency exchange’s collapse in November 2022.
The initial record date for holders of allowed claims in the Plan’s Convenience Classes was also set for January 3, with further dates for other creditor classes to follow.
FTX Initial Distributions to Begin Within 60 Days
According to FTX Debtors, the initial payments to the creditors in the Convenience Classes will be made within 60 days from the effective date of the plan. As per the release, distribution claims for these assets must also adhere to specific criteria such as the KYC process and tax filing.
Similarly, the holders of allowed claims shall have up to January 20, 2025, to meeting the pre-distribution conditions. These are filing of tax forms, choosing of Distribution Service Provider and performing of sanctions checks
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