COINOTAG reports that as of January 3, 2025, the FTX debtor restructuring plan has officially commenced. Clients and creditors are required to fulfill specific pre-distribution criteria prior to receiving their distributions. This includes the imperative task of selecting a distribution agent via the designated FTX debtor client portal. The initial distribution is anticipated to be completed within 60 days following the effective date, targeting users who fall under the approved categories outlined in the plan.
Notably, the first entities to receive compensation will include those categorized within the “Convenience Classes,” which comprise users with claims of $50,000 or less. Further details regarding registration and payment timelines for additional claim categories will be provided subsequently. Additionally, the FTX debtor underscores the importance of being vigilant against potential phishing attacks and fraudulent websites that may masquerade as official FTX communication platforms.