FTX, a collapsed cryptocurrency exchange, has announced its plans to repay creditors and customers starting in early 2025.
The court-approved reorganization plan will take effect on January 3, 2025, and initial repayments will be distributed within 60 days thereafter.
To facilitate the recovery process, FTX will partner with well-known exchanges Kraken and BitGo.
Customers will need to complete know-your-customer (KYC) verification, submit tax forms, and onboard to either Kraken or BitGo by the effective date to be eligible for repayments.
This announcement is a significant step in addressing the financial consequences of FTX's collapse.