As reported by The Block, the FTX bankruptcy estate has established a goal to initiate the repayment of customers by the end of 2024, according to information from a meeting of FTX Digital's Joint Official Liquidators in the Bahamas.

FTX's bankruptcy involves two distinct processes, including the Chapter 11 bankruptcy undergoing legal proceedings in a Delaware court in the United States and the official liquidation procedure of FTX Digital, a subsidiary of FTX located in the Bahamas. This is due to the complex nature of FTX's accounting. However, the estate has committed to ensuring that creditors can submit their claims to either entity, guaranteeing that no creditor receives less than the amount they are owed.

With a shared objective in mind, both the Chapter 11 Debtors and the Joint Official Liquidators aim to make the initial distribution to creditors with accepted claims and appropriate KYC documentation by the end of 2024. Creditors have been able to file claims via FTX's claims portal since it went live on Mar.1, and the deadline for creditors to select one of the bankruptcy processes and submit a claim is currently set for May 15. However, based on recent developments discussed in the meeting, the deadline is anticipated to be extended to at least June 2024.

Claims from the Bahamian liquidation procedure, like the Chapter 11 claims, will be assessed based on their value as of November 11, 2022, which is the original date of the bankruptcy claim.