The post FTX Announces Chapter 11 Reorganization Plan with Asset Distribution Starting January 3, 2025 appeared on BitcoinEthereumNews.com.

On December 17, COINOTAG reported that FTX and its associated debtors have detailed the implementation timeline for their Chapter 11 reorganization plan, which is set to commence on January 3, 2025. Following this date, the first cycle of asset distribution will initiate within 60 days, specifically for creditors classified within Convenience Classes. In a strategic move, FTX has partnered with notable firms BitGo and Kraken to manage the allocation of assets for both retail and institutional investors. To be eligible for participation in the initial distribution phase, users are required to navigate several compliance steps prior to the implementation date, including logging into the FTX Debtor Customer Portal, completing KYC identity verification, and submitting the requisite tax forms. John Ray III, CEO of FTX, highlighted the efforts of the organization in recovering billions in assets, marking the reorganization plan as a pivotal milestone. Furthermore, for transferred claims, only those transferees who finalize their processing before the record date, alongside fulfilling the 21-day objection period, will be eligible for the distribution. Detailed guidelines for the FTX Digital Markets Ltd. distribution process will be announced separately to their clientele. Source: https://en.coinotag.com/breakingnews/ftx-announces-chapter-11-reorganization-plan-with-asset-distribution-starting-january-3-2025/

---

Filed under: News - @ December 17, 2024 1:17 am