FTX customers will receive distributions within 60 days after the bankruptcy plan takes effect on January 3 next year

Customers affected by FTX's bankruptcy will be able to receive bankruptcy distributions through Kraken and BitGo, and the plan will take effect on January 3, 2025. FTX said in a statement on Monday that the "initial distribution" is expected to take place within 60 days of the effective date. "Over the past two years, our professional team has worked meticulously and efficiently to recover billions of dollars to get to this point," said John J.Ray lll, CEO of FTX Debtors. "The plan took effect and began distribution in January 2025, which reflects the great success of the recovery work." Previously, a representative of FTX's largest creditor group Sunil Kavuri pointed out that FTX announced two distribution partners, Kraken and BitGo, and the third will be announced soon. Kavuri added that funds can also be distributed through stablecoins. (The Block)