Bankrupt cryptocurrency exchange FTX has announced plans to begin distributing payments to creditors and customers in early 2025. This follows the approval of its Chapter 11 Plan of Reorganization, which is expected to become effective by January.
What Happened: John Jay Ray III, the CEO of FTX, announced that the company anticipates its Chapter 11 Plan of Reorganization will be effective by January 2025.
Ray expressed satisfaction with the progress, stating, “We are pleased to announce that we will begin distributing proceeds in early 2025.”
He emphasized the expertise and ongoing efforts of the professional team supporting the debtors, who have already recovered billions for FTX’s creditors and customers.
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The announcement follows FTX’s nearing completion of the final steps required for the…
