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According to data released by HODL15 Capital on December 29th, FTX is set to distribute $16 billion in cash as part of its Chapter 11 reorganization plan, officially commencing on January 3, 2025. This initial round of distribution will target approved creditors within designated Convenience Classes, with the distribution phase starting within 60 days post-effectiveness. FTX has partnered with leading entities such as BitGo and Kraken to facilitate the asset distribution for both retail and institutional clients. To qualify for the first disbursement, users must fulfill several requirements by the aforementioned date. Key steps include accessing the FTX debtor client portal, completing KYC verification, submitting relevant tax documentation, and registering on either BitGo or Kraken. This structured approach aims to ensure a seamless recovery process for stakeholders affected by FTX’s previous operational challenges.
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