Customers Expected to Receive Funds within 1-3 Business Days
BitGo and Kraken Receive Funding to Assist in Distributing Recoveries
WILMINGTON, Del., Feb. 7, 2025 -- FTX Trading Ltd. (d/b/a. FTX.com) and the FTX Recovery Trust (collectively "FTX") today announced that, consistent with FTX's Chapter 11 Plan of Reorganization (the "Plan"), FTX will commence initial distributions to holders of allowed claims in the Plan's Convenience Classes on February 18, 2025 (the "Initial Distribution"). The Initial Distribution is limited to holders of allowed claims in the Plan's Convenience Classes that have completed the pre-distribution requirements. Eligible creditors should expect to receive their distributions within 1 to 3 business days from February 18, 2025. Separate record and payment dates for other classes of claims will be announced in due course.
FTX has successfully completed the transfer of funds for the Initial Distributions to the Distribution Service Providers, BitGo and Kraken, which are assisting FTX in distributing recoveries to both retail and institutional customers and other creditors in supported jurisdictions and in accordance with the Plan.
John J. Ray III, Plan Administrator of the FTX Recovery Trust, said: "The start of these distributions is an incredible and important milestone for FTX. Today's announcement reflects of the outstanding success of the recovery and coordination efforts of our team of professionals over the past 28 months. These efforts are ongoing and our focus remains on executing these distributions in accordance with our Plan while also continuing to pursue the recovery of outstanding assets."
If you have any questions related to the availability of your funds in your account with the Distribution Service Provider, please contact customer support at your selected Distribution Service Provider. Once FTX's payment of your distributions to the Distribution Service Provider is made to your account, individuals are solely responsible for their own funds.
To be eligible to receive a distribution on subsequent distribution dates, customers and other creditors must complete the following prior to their distribution record date:
- Login to the FTX Customer Portal (https://claims.ftx.com) (applicable to customers).
- Complete required Know Your Customer ("KYC") verification.
- Submit the required tax forms.
- Onboard with BitGo or Kraken. FTX will provide instructions for onboarding with each of the distribution service providers on the existing FTX Customer Portal.
For transferred claims, distributions will only be made to the transferee holder of an allowed claim that is processed and reflected on the official register of claims maintained by the Notice and Claims Agent as of future record dates, where the 21-day notice period has lapsed without objection. For more information, please visit: https://support.ftx.com/hc/en-us/sections/33189504164628-Distributions.
Phishing Advisory
Please remain aware of phishing emails that may look like they are from FTX and scam sites from channels that may appear to look like the FTX Customer Portal (https://claims.ftx.com). This is another reminder that FTX will never ask you to connect your wallets.
Additional Information
U.S. Bankruptcy Court filings, including the Plan and other documents related to the Court proceedings, are available at https://cases.ra.kroll.com/FTX/.
FTX Digital Markets Ltd. ("FTX DM") will be separately communicating distribution information for customers who have elected to have their claims administered by FTX DM.
Advisors
The FTX Recovery Trust is represented by Sullivan & Cromwell LLP as legal counsel and are assisted by Alvarez & Marsal North America, LLC as financial advisor, Perella Weinberg Partners LP as investment banker, Quinn Emanuel Urquhart & Sullivan, LLP as special counsel and Landis Rath & Cobb LLP as Delaware counsel.
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