According to the official announcement, the FTX debtor restructuring plan has come into effect today. Customers need to file a claim through the official website to be eligible for a refund, and FTX said the first group of customers should receive a refund within 60 days. The first "convenience" users will be reimbursed first under the FTX scheme, which includes those with claims of $50,000 or less. The scheme, which was approved in October, provides that 98 per cent of FTX users are expected to be reimbursed 119 per cent of the declared value of their funds. Previously reported, cryptocurrency firms BitGo and Kraken announced in December that they would assist in distributing compensation to FTX users. Assuming all users submit complete claims, the exchange expects to pay around $16 billion.