FTX, the beleaguered cryptocurrency exchange, has officially set January 3, 2025, as the date for its initial distribution under a Chapter 11 Reorganization Plan. This announcement comes more than two years after the platform went under in November 2022, leaving many victims and creditors waiting for repayment.
This plan, approved by the court, outlines how FTX intends to compensate those affected by the exchange’s sudden downfall. It represents a significant milestone in the ongoing attempts to settle the debts accrued during Sam Bankman-Fried's tenure.
The company conveyed this news through a press release on December 16, emphasizing its commitment to making things right for those impacted by the collapse.
