PANews reported on January 3 that the court approved FTX's Chapter 11 reorganization plan to take effect on January 3, 2025 , and set today as the record date for the first distribution. BitGo and Kraken were designated as FTX's distribution partners and will assist customers and creditors in distributing the recovered funds. Users are required to complete requirements including KYC verification, tax form submission, and docking with designated service providers. Claiming users are required to complete the necessary steps in a timely manner to ensure a smooth distribution process. The first distribution is expected to be completed within 60 days of the effective date.