The FTX estate plans to start with the distribution by March 2025

• ftx plans to start the creditors by March 2025 with the distribution of $ 16 billion.
• The distributions begin 60 days after the chapter-11 plan came into force in January.
• customers must carry out the KYC check and submit tax forms to receive payments.

The FTX estate, which is now under the direction of CEO and Chief Restructuring Officer John J. Ray III, has announced plans to start creditors and customers by March 2025.

This is followed by a two -year phase of intensive recreational efforts after the collapse of the cryptocurrency exchange due to mismanagement and fraud by companies that shook the crypto world.

Ray, who stepped in after founder Sam Bankman-Fried applied for protection according to Chapter 11 at the end of 2022, the successful recovery of around $ 16 billion of cash and cryptocurrencies from the estate monitored.

Template for the FTX distribution

The schedule for distributions, described in a Current press release Lange process of compensation for the creditor of FTX.

The company assumes that its reorganization plan will come into force in accordance with Chapter 11 in early January 2025 and the first distributions will begin within 60 days afterwards.

A key date in the process is the distribution date, which coincides with the date of the entry into force of the restructuring plan.

To ensure that you receive your share, customers must carry out the Know your Customer (KYC) verification, submit the necessary control forms and set up an approved account with one of the specialized sales agents from FTX.

The restructuring efforts of FTX were a lengthy and complex undertaking, but the company is now working hard to distribute the recessed funds.

According to Ray, the process is supported by specialized sales agents who are helped to facilitate global payments to creditors and customers.

As part of these efforts, FTX will conclude the agreements with these agents by the beginning of December and provide customers with specific instructions via the existing portal.

Although many creditors and customers are recovered by the majority of their assets, the path was anything but easy. As part of the bankruptcy proceedings, Bankman-Fried was also convicted of fraud, sentenced to 25 years in prison.

Meanwhile, other key figures in the scandal, such as co-founder Gary Wang and the former co-CEO of Alameda, Caroline Ellison, received milder punishment for their cooperation.

The plan of the FTX assets to release $ 16 billion, signaled a long-awaited solution for many that were affected by the collapse of the stock exchange.