FTX Payouts Are Coming: January 2025 Start Date Announced
Bankrupt crypto platform FTX (FTX Trading Ltd) has announced that its court-approved Chapter 11 plan will go live on January 3, 2025. This marks a major milestone in returning funds to clients and creditors.
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Bankrupt crypto platform FTX (FTX Trading Ltd) has announced that its court-approved Chapter 11 plan will go live on January 3, 2025. This marks a major milestone in returning funds to clients and creditors.
Client payouts from FTX will roll out in early 2025 via Kraken and BitGo platforms. Source: cryptodnes.bg
FTX Client Payouts: Here’s the Process
The first payouts will go to “convenience classes,” a group of creditors ranked according to the Reorganization Plan. These payments are expected to begin within 60 days of the Plan taking effect.
imelines for other creditor classes will follow soon.
John J. Ray III, CEO of FTX Debtors, shared:
The Plan becoming effective in January 2025 and the start of distributions are reflections of the outstanding success of the recovery efforts. We are well positioned to begin executing the distribution of recoveries back to all customers and creditors.
FTX has partnered with BitGo, a global digital asset custodian, and Kraken, a U.S.-based crypto exchange accessible in 190 countries, to handle the payout process.
Related: FTX Payouts: What to Expect?
How to Receive FTX Payouts: Step-by-Step Guide
To be eligible for the initial payout distribution, clients and creditors must:
- Access the official FTX Debtors Client Portal.
- Complete the KYC (Know Your Customer) verification process.
- Submit all necessary tax documentation.
- Follow the registration process on BitGo or Kraken, as detailed on the FTX Client Portal.
FTX advises clients to watch out for phishing scams and fake websites mimicking the official portal. Always verify that all communications originate from trusted and verified sources.
Claims Processing Timeline
Payouts will only be made to claimants included in the official claims register as of January 3, 2025, provided the 21-day notice period passes without objections.
FTX Digital Markets Ltd. (FTX DM) will soon share specific details regarding fund distribution for clients who opted to handle their claims via FTX DM.
The full Reorganization Plan and relevant court documents are accessible here.
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