FTX's First Debt Repayment Round Nearing Completion, Includes $16 Billion Cash Distribution

BlockBeats News, December 29th, according to HODL15Capital data, FTX will include $16 billion in cash in the first-round distribution to be officially effective on January 3, 2025.

BlockBeats previously reported that on December 17th, FTX and its affiliates announced that the court-approved Chapter 11 reorganization plan will be officially effective on January 3, 2025. The first distribution will commence within 60 days of the effective date and will only target approved creditors in Convenience Classes. FTX has reached agreements with cryptocurrency custodian BitGo and exchange platform Kraken to provide asset distribution services to retail and institutional clients. To be eligible for the first-round distribution, users must complete the following steps by January 3, 2025:

Log in to the FTX debtor client portal; complete KYC identity verification; submit necessary tax forms; register on BitGo or Kraken.