FTX and its affiliated debtors announced today that the court-approved Chapter 11 reorganization plan will officially take effect on January 3, 2025. The first round of distributions will commence within 60 days of the effective date and will be available only to approved creditor holders in the Convenience Classes. FTX has entered into an agreement with cryptocurrency custodian BitGo and trading platform Kraken to provide asset distribution services to retail and institutional clients. To qualify for the first round of distributions, users need to complete the following steps by January 3, 2025: Log in to the FTX Debtor Client Portal. Complete KYC authentication. Submit the necessary tax forms. Register at BitGo or Kraken. FTX CEO John RayIII said: "Our team of professionals has successfully recovered billions of dollars in assets over the past two years. The effectiveness of the restructuring plan and the commencement of distributions in January 2025 reflect the remarkable results of the asset recovery efforts." For transferred claims, only transferees who have completed processing by the record date of January 3, 2025 and whose 21-day objection period expires will receive distributions. FTX Digital Markets Ltd. (FTX DM) will announce the allocation process for its clients separately.