{"id":43415,"date":"2024-12-16T19:40:06","date_gmt":"2024-12-16T19:40:06","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/ftx-to-begin-customer-repayments-in-early-2025\/"},"modified":"2024-12-16T19:40:06","modified_gmt":"2024-12-16T19:40:06","slug":"ftx-to-begin-customer-repayments-in-early-2025","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/ftx-to-begin-customer-repayments-in-early-2025\/","title":{"rendered":"FTX to begin customer repayments in early 2025"},"content":{"rendered":"<p><b>(Originally posted on : CoinJournal: Latest Crypto News, Altcoin News and Cryptocurrency Comparison )<\/b><br \/>\n<\/p>\n<div data-site=\"CoinJournal\">\n<div class=\"post-article-image  -mt-24  mb-8  lg:-mt-32  rounded  overflow-hidden\" data-site=\"CoinJournal\">\n<picture><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/03\/1636615883769-10283722-a18f-41c5-a55d-28fa9d537c31-smartcrop-750x375.webp\" type=\"image\/webp\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/03\/1636615883769-10283722-a18f-41c5-a55d-28fa9d537c31-smartcrop-363x181.webp\" type=\"image\/webp\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/03\/1636615883769-10283722-a18f-41c5-a55d-28fa9d537c31-smartcrop-750x375.jpg\" type=\"image\/jpeg\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/03\/1636615883769-10283722-a18f-41c5-a55d-28fa9d537c31-smartcrop-363x181.jpg\" type=\"image\/jpeg\"\/>\n<\/picture>                    <\/div>\n<ul>\n<li><span style=\"font-weight: 400\">FTX will begin customer distributions in January in January 2025.<\/span><\/li>\n<li><span style=\"font-weight: 400\">The exchange collapsed in November 2022, with major repurcussions for the greater industry.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400\">FTX debtors will commence customer distribution in early January, with its court-approved Chapter 11 bankruptcy reorganization becoming effective on January 3, 2025.<\/span><\/p>\n<p><span style=\"font-weight: 400\">The collapsed crypto exchange<\/span> <a href=\"https:\/\/www.prnewswire.com\/news-releases\/ftx-announces-effective-date-and-record-date-of-january-3-2025-for-its-chapter-11-plan-of-reorganization-302332816.html\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400\">announced<\/span><\/a><span style=\"font-weight: 400\"> on Dec. 16 that initial distributions under the plan will occur within 60 days. Participation will be subject to know-your-customer (KYC) among other requirements. <\/span>Meanwhile, <a href=\"https:\/\/coinjournal.net\/news\/tag\/ftx\/\">FTX<\/a> will work with crypto custodian BitGo and crypto exchange Kraken to distribute assets to retail and institutional customers.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">The FTX Debtors today announced that the effective date for its Plan of Reorganization has been set for January 3, 2025, which is also the initial distribution record date for holders of allowed claims in the Plan\u2019s Convenience Classes. Read more here: <a href=\"https:\/\/t.co\/7Hggm5cTlS\">https:\/\/t.co\/7Hggm5cTlS<\/a><\/p>\n<p>\u2014 FTX (@FTX_Official) <a href=\"https:\/\/twitter.com\/FTX_Official\/status\/1868713389570285769?ref_src=twsrc%5Etfw\">December 16, 2024<\/a><\/p>\n<\/blockquote>\n<p><span style=\"font-weight: 400\">John J. Ray III, chief executive officer of the FTX Debtors, commented:<\/span><\/p>\n<p><span style=\"font-weight: 400\">\u201cFor the past two years, our team of professionals have meticulously and efficiently worked to recover billions of dollars to reach this point. The Plan becoming effective in January 2025 and the start of distributions are reflections of the outstanding success of the recovery efforts. We are well positioned to begin executing the distribution of recoveries back to all customers and creditors, and encourage customers to complete the necessary steps to begin receiving distributions in a timely manner.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400\">BitGo chief executive officer Mike Belshe also<\/span> <a href=\"https:\/\/www.businesswire.com\/news\/home\/20241216502979\/en\/BitGo-to-Assist-the-FTX-Debtors-in-Distributing-Recoveries\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400\">commented<\/span><\/a><span style=\"font-weight: 400\"> on the plan and BitGo\u2019s role.<\/span><\/p>\n<p><span style=\"font-weight: 400\">\u201cBitGo is proud to support FTX,\u201d he said. \u201cWith our long-standing reputation as the most secure choice in the industry, we work hard to bring institutional-grade service to both retail and institutional clients, ensuring users the peace of mind they need to manage and grow their assets safely.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400\">FTX collapsed in November 2022, with five of the top executives jailed or sentenced to time served. This includes former CEO Sam Bankman-Fried.<\/span><\/p>\n<p>The FTT token jumped 7% after the distribution news.<\/p>\n<div class=\"post-meta\">\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Share this article<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Categories<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Tags<\/h6>\n<\/p><\/div>\n<\/p><\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/><a href=\"https:\/\/coinjournal.net\/news\/ftx-to-begin-customer-repayments-in-early-2025\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : CoinJournal: Latest Crypto News, Altcoin News and Cryptocurrency Comparison ) FTX will begin customer distributions in January in January 2025. The exchange collapsed in November 2022, with major repurcussions for the greater industry. FTX debtors will commence customer distribution in early January, with its court-approved Chapter 11 bankruptcy reorganization becoming effective [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":43416,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[35],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/43415"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=43415"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/43415\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/43416"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=43415"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=43415"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=43415"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}