The CEO of fallen crypto exchange FTX says the firm will begin distributing its bankruptcy payments soon.
In a statement, John Jay Ray III says payments to FTX creditors and customers will begin early next year amid anticipation that the company’s court-approved Chapter 11 Plan of Reorganization will be effective by early January 2025.
“We are pleased to announce that we will begin distributing proceeds in early 2025. The timeline laid out reflects the experience and continued work of the team of professionals supporting the Debtors, who already have recovered billions of dollars on behalf of FTX’s creditors and customers.”
The announcement comes as FTX nears the completion of the final prerequisites for the reorganization plan. Payouts will be distributed within 60 days after the plan takes effect.
“While we continue to take actions to maximize recoveries, we are full steam ahead to reach arrangements with our distribution agents and return proceeds to creditors and customers as quickly as possible.”
FTX anticipates finalizing the arrangement with specialized distribution agents by early December. These agents will assist in distributing recoveries to customers globally. Instruction will also be given to customers to establish an approved account with a distribution agent.
FTX aims to announce the exact effective date of distribution by the end of next month.
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