Collapsed cryptocurrency exchange FTX expects to begin repaying creditors and customers in early 2025, announcing its latest timeline of repayments on Monday as the firm nears the conclusion of its Chapter 11 bankruptcy process.
FTX’s court-approved reorganization plan will become effective on January 3, 2025, and the firm’s bankruptcy team—led by FTX Debtors CEO John J. Ray III—expects to make an initial distribution of repayments within 60 days of that date.
The crypto exchanges Kraken and BitGo will facilitate recoveries to eligible creditors, FTX announced Monday, with FTX customers required to complete know-your-customer or KYC verification, fill out tax forms, and onboard to Kraken or BitGo by the effective date.
Editor’s note: This story is breaking and will be updated with additional details.
