More than two years after its dramatic collapse in November 2022, cryptocurrency exchange FTX has begun repaying creditors. On January 3, 2025, the company’s court-approved Chapter 11 Plan of Reorganization took effect, marking a significant milestone in resolving creditor claims.
The initial phase of repayments focuses on creditors in the Plan’s Convenience Classes, which includes claims of $50,000 or less. These creditors can expect payments within 60 days of the effective date. The repayment process is being facilitated by cryptocurrency firms Kraken and BitGo.
Creditors with larger claims will have separate record and payment dates announced in the future. Under the reorganization plan, FTX aims to distribute between $14.7 billion and $16.5 billion, providing customers and creditors with approximately 119% of their claimed account values as of November 2022.
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