FTX has announced that its Chapter 11 plan of reorganization will become effective on January 3, 2025, which also serves as the record date for initial distributions to creditors. The company plans to distribute approximately $16 billion to creditors within 60 days following this effective date. FTX will utilize stablecoins for these payouts, partnering with BitGo and Kraken exchanges to facilitate the process. The first distributions are expected to occur by early March 2025. This announcement comes as part of FTX's ongoing efforts to resolve its bankruptcy proceedings and return funds to affected customers. This is an AI-generated article powered by DeepNewz, curated by The Defiant. For more information, including article sources, visit DeepNewz . To continue reading this as well as other DeFi and Web3 news, visit us at thedefiant.io
