FTX Initial Distribution 2025: Key Steps for Creditors
The post FTX Initial Distribution 2025: Key Steps for Creditors appeared on BitcoinEthereumNews.com.
FTX’s reorganization plan starts on January 3, 2025 with the initial claim distributions. Creditors must complete KYC, tax forms, and choose a provider by January 20, 2025. Be cautious of scams and use only official FTX channels for updates. The FTX Debtors’ plan of reorganization is officially in effect as of January 3, 2025. This marks the start of the initial distribution of allowed claims. However, FTX urges creditors in the Plan’s Convenience Classes to complete key steps to ensure they receive their distribution. To be eligible to receive a distribution, customers and other creditors must complete the pre-distribution conditions, including selecting a distribution agent on the FTX Debtors’ Customer Portal page: https://t.co/DkYi2hEj1g. For more information, visit: https://t.co/OnAL0Fu158 — FTX (@FTX_Official) January 3, 2025 Pre-Distribution Steps for Creditors To qualify for a distribution, creditors must complete the pre-distribution steps through the FTX Customer Portal. These steps include fulfilling Know Your Customer (KYC) requirements, submitting tax forms, and selecting a distribution service provider. The email address a user registered with on the FTX portal must match the one the chosen distribution provider uses. Once you complete onboarding with a provider, you cannot change this selection, so choose wisely. Choosing Your Distribution Service Provider Currently, FTX customers can choose between two providers: BitGo and Kraken. However, options are jurisdiction-specific. For U.S. residents, BitGo is unavailable in New York, and Kraken is unavailable in New York, Washington, and Maine. Read also: FTX Chapter 11: BitGo, Kraken to Handle January 2025 Distributions FTX has assured that they will introduce additional distribution providers over time for those under certain restrictions. They will share updates through the Customer Portal and via email. Once a customer selects a provider, their platform will begin onboarding. Distribution Deadlines and Scam Warnings In addition, to be eligible for the distribution,…
Filed under: News - @ January 4, 2025 8:24 am