The first round of debt repayment for #FTX is approaching, including $16 billion in cash distribution.
According to BlockBeats news on December 29, as disclosed by HODL15 Capital, FTX will include $16 billion in cash in the first round of repayment distribution that will take effect on January 3, 2025. BlockBeats previously reported that on December 17, FTX and its affiliated debtors announced that the Chapter 11 reorganization plan approved by the court will officially take effect on January 3, 2025. The first round of distribution will start within 60 days after the effective date, only for approved creditors in the Convenience Classes. FTX has reached agreements with cryptocurrency custodian BitGo and trading platform Kraken to provide asset distribution services for retail and institutional clients. To qualify for the first round of distribution, users must complete the following steps before January 3, 2025: log in to the FTX debtor customer portal; complete KYC identity verification; submit necessary tax forms; complete a deposit at BitGo or Kraken.