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Crypto Potato 2024-12-18 04:47:07

Here’s When FTX’s Court-Approved Chapter 11 Plan Will Take Effect

Here’s When FTX’s Court-Approved Chapter 11 Plan Will Take Effect

FTX and its affiliated debtors have announced that their Chapter 11 reorganization plan will officially take effect on January 3, 2025. This day has also been designated as the initial distribution record date for those holding allowed claims in the plan’s convenience classes. Distribution Details According to a press release , payments for these claims are expected to begin within 60 days of the plan’s effective date. In line with this, recipients must complete know-your-customer (KYC) procedures and fulfill other distribution requirements, including submitting tax forms. This first round of payments will only apply to the convenience classes, with FTX noting that separate records and payment dates for other classes of claims will be announced later. The court-approved reorganization plan, finalized in October 2024, received overwhelming support from creditors, who stand to recover an average of 119% of the value of their claims. Furthermore, under the terms of the initiative, some will receive up to 140% in cash. FTX estimates that total recoveries will range between $14.7 billion and $16.5 billion. These repayments have been made possible through efforts to reclaim assets from various parties, including the U.S. Department of Justice and international regulators. The company’s CEO, John J. Ray III, highlighted that the latest development demonstrated the significant success of the recovery efforts. “For the past two years, our team of professionals have meticulously and efficiently worked to recover billions of dollars to reach this point.” He added that FTX is now in a strong position to begin reimbursing funds to customers and creditors. He also encouraged claim holders to ensure they complete all the necessary steps to avoid delays in receiving their payments. Distribution Agents and FTX Convictions To support the distribution process, the defunct exchange has partnered with two crypto custodians, BitGo and Kraken. The duo will help disburse the funds to both retail and institutional customers as well as other claimants in supported jurisdictions. FTX’s bankruptcy filing in late 2022 was one of the most significant collapses in the crypto industry. It was marked by several high-profile sentences, including the November 2023 conviction of former CEO Sam Bankman-Fried on charges of wire fraud and conspiracy, resulting in a 25-year imprisonment. In May 2024, FTX Digital Markets co-CEO Ryan Salame was sentenced to 7.5 years in prison, while Caroline Ellison, the former head of Alameda Research, received a two-year prison term. Two other executives, Nishad Singh and Gary Wang, avoided prison altogether. The post Here’s When FTX’s Court-Approved Chapter 11 Plan Will Take Effect appeared first on CryptoPotato .

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