#FTXRefunds FTX refunds are finally happening. Here's what you need to know ¹ ²:

- *Refund Details*: FTX will refund creditors up to 118% of their declared debts, starting from January 3, 2025. This repayment plan is part of FTX's reorganization under the American Chapter 11 framework.

- *Eligibility*: To receive a refund, eligible creditors need to:

- *Validate their identity*: Complete the Know Your Customer (KYC) process on the FTX Customer Portal.

- *Submit tax forms*: Provide required tax forms.

- *Choose repayment option*: Select either cash or crypto repayment, depending on available options and regulations.

- *Distribution Partners*: FTX has partnered with Kraken and BitGo, two reputable companies, to manage the repayments and ensure security and transparency.

- *Timeline*: The initial distribution date for holders of allowed claims was set within 60 days of the Effective Date (January 3, 2025). Separate record and payment dates for other classes of claims will be announced later.

- *Warning*: FTX reminds customers to beware of phishing emails and scam sites that may mimic FTX's official channels.

FTX's repayment plan aims to regain trust and demonstrate transparency after its collapse in November 2022. The outcome of this plan will be crucial for the future of the cryptosphere and its relations with regulators.

$RUNE