PANews reported on December 17 that according to the FTX announcement, its court-approved Chapter 11 reorganization plan will take effect on January 3, 2025, and will be set as the record date for the first distribution. The first distribution is expected to be completed within 60 days of the effective date and will apply to approved claims in the convenience category. FTX has partnered with BitGo and Kraken to assist in the distribution of recovery funds to customers and creditors. Distribution requirements include completing KYC verification, submitting tax forms, and connecting with designated service providers. FTX reminds users to be wary of phishing emails and scam websites, and will announce the distribution dates for other categories of claims in the future.