Coinspeaker
FTX Distribution Plan Sets January 3 Start, 60-Day Payout Window
The defunct cryptocurrency exchange FTX, along with its affiliated debtors—referred to as the FTX debtors—announced today that its Chapter 11 reorganization, which has been approved by the court, will take effect on January 3, 2025. This date has also been designated as the record date for determining the eligible creditors for the first wave of distributions, known as the Initial Distribution.
The initial distribution is expected to occur within 60 days following the effective date, specifically targeting groups identified as “Convenience Classes.” Other creditor categories will have their own distribution timelines communicated in the future.
John J. Ray III, the CEO of FTX, emphasized the diligent efforts undertaken over the past two years to recover significant funds for customers and creditors. He urged those owed money to prepare for the upcoming distributions. John J. stated:
“For
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