FTX Trading Ltd., known as FTX.com, has announced its Chapter 11 reorganization plan effective from January 2025, starting payments to customers and creditors.
Introduction to the FTX Reorganization Plan
The plan will take effect on January 3, 2025, with payments beginning under the Plan’s Convenience Classes within 60 days, contingent on compliance requirements. John J. Ray III emphasized the importance of fulfilling necessary conditions for receiving compensations.
Partnership with BitGo and Kraken
FTX collaborates with BitGo and Kraken to manage the distribution process, ensuring secure and compliant fund allocation. BitGo acts as a global custodian regulator, while Kraken offers a robust financial services platform.
Document Requirements and Security
Participants must verify via the FTX Debtors' Customer Portal, complete KYC processes, and submit necessary tax documents. FTX also warns of potential phishing threats and advises using only verified communication channels.
FTX continues to update information about reorganization and payments through Kroll's website, offering tailored solutions for FTX DM clients to manage their claims and distributions.
