The CEO of the now-defunct crypto exchange FTX has announced that his firm is planning to begin distributing bankruptcy payments in the near future.
John Jay Ray III said in a press release that payments will start early next year to FTX customers and creditors. This is because the court approved Chapter 11 Plan of Reorganization of the company will take effect by January 20, 2025.
The first distribution of proceeds will be in 2025. This timeline reflects both the expertise and the continued efforts of the professionals who support the Debtors. They have already recovered billions on behalf of FTX’s customers and creditors .”
The announcement is made as FTX approaches the end of its final requirements for the reorganization. The payouts will take place within 60 days of the plan taking effect.
FTX expects to finalize the agreement with specialized distributors by early December. They will help distribute recoveries globally. Customers will be instructed to open an account with the distribution agents.
FTX aims at announcing the precise date of the distribution before the end of the next month.
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As new information becomes available, this post Bankrupt Crypto Exchange Set to Pay Creditors in 2025 and Customers Says CEO could be updated.
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