ChainCatcher news, the court has approved the FTX Chapter 11 reorganization plan to take effect on January 3, 2025, and today has been set as the record date for the first distribution. BitGo and Kraken have been designated as the FTX distribution partners to assist customers and creditors in the allocation of recovery funds. Users are required to complete requirements including KYC verification, tax form submission, and coordination with designated service providers. Claiming users must 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 after the effective date.

ChainCatcher message, according to Arkham monitoring, the address marked as MicroStrategy: Coinbase Prime Custody transferred 3,174 BTC, 3,269 BTC, and 2,026 BTC to three new addresses 6 hours ago, totaling approximately $794 million.It is understood that a similar operation had previously occurred with MicroStrategy-related addresses, which were later confirmed to be another Coinbase custody address of MicroStrategy, so it is speculated that this transfer is for internal reorganization.

ChainCatcher news, according to a press release, FTX and its affiliated debtors announced that the court-approved Chapter 11 reorganization plan will officially take effect on January 3, 2025. The first round of distributions will commence within 60 days after the effective date, exclusively for approved creditors in the Convenience Classes. FTX has reached agreements with cryptocurrency custodian BitGo and exchange Kraken to provide asset distribution services for retail and institutional clients.To qualify for the first round of distributions, users must complete the following steps before January 3, 2025:Log in to the FTX debtor client portalComplete KYC verificationSubmit the necessary tax formsOpen an account with BitGo or KrakenFTX CEO John Ray III stated, "Over the past two years, our professional team has successfully recovered billions of dollars in assets. The effectiveness of the reorganization plan in January 2025 and the commencement of distributions reflect the significant results of our asset recovery efforts." For transferred claims, only assignees who complete processing before the record date of January 3, 2025, and whose 21-day objection period has expired will be eligible for distributions. FTX Digital Markets Ltd. (FTX DM) will announce its client distribution process separately.

ChainCatcher news, according to CryptoSlate, a creditor group led by Sunil Kavuri opposes the reorganization plan proposed by the FTX bankruptcy administrators. According to documents submitted to the court on June 5, the creditors pointed out that the plan did not pass the best interest test and contained terms that were not in the creditors' interests, while also ignoring property rights issues.The creditors stated that cash payments would result in customers needing to pay taxes on the cash received. They suggested using physical payments to avoid tax issues. The creditors further stated that FTX must update the disclosure statement regarding the settlement with the Internal Revenue Service (IRS). Under the settlement plan, the IRS will receive $200 million in priority claims within 60 days of approval. An additional $685 million in subordinated priority claims will be paid after customers receive full compensation.It is reported that on May 7, the FTX bankruptcy administrator announced the reorganization plan, under which creditors would receive full cash repayment. According to the plan, creditors with claims under $50,000 would be eligible for 118% compensation within 60 days of court approval. Other non-government creditors would also receive full compensation and up to 9% interest compensation.

ChainCatcher news, the final joint hearing for the bankruptcy exit of Bitcoin mining company Core Scientific has been postponed from December 22 to January 10 next year. An additional global settlement plan has been reached, and the deadline for equity issuance has been extended to December 28.

ChainCatcher message, according to Cointelegraph, FTX debtors submitted a revised reorganization plan. According to the plan documents, the value of the debt will be determined by converting the value of the crypto assets into cash at a specified conversion rate based on the token value as of November 11, 2022.

ChainCatcher message, Arkham data shows that at 17:06:08 Beijing time today, 10,000 BTC were transferred from Binance cold wallet to Binance hot wallet.

ChainCatcher news, according to CoinDesk, an email sent by BlockFi to creditors shows that BlockFi's creditors have approved its bankruptcy reorganization plan. BlockFi stated that this reorganization plan has received approval from over 90% of creditors, which will allow BlockFi to recover assets lost due to the collapse of cryptocurrency exchange FTX and Three Arrows Capital. BlockFi also mentioned that the plan still requires approval from the bankruptcy court to be finalized.

ChainCatcher news, according to the official Twitter, the official committee of unsecured creditors of Celsius will hold a webinar on August 21 to disclose the Celsius bankruptcy reorganization plan, launching several sessions on specific topics, including the voting that creditors can undertake under the plan and how to fill out the ballot.

ChainCatcher news, the official committee of unsecured creditors of Celsius tweeted that the debtor has submitted a disclosure statement for the Chapter 11 bankruptcy reorganization plan. A hearing to review the "disclosure statement" is scheduled for August 10, during which the court will determine whether the disclosure statement provides sufficient information for creditors to make an informed vote on the plan. The court will also decide whether the debtor is authorized to solicit votes on the plan and schedule a confirmation hearing. The debtor has requested to set the confirmation hearing for September 29.It is reported that on July 17, the debtor, the creditors' committee, the borrower ad hoc group, and certain Earn creditors will mediate with Judge Wiles regarding the relative treatment of Earn and loans in the plan. The committee hopes that the parties can reach an agreement on how to fairly distribute the property value among creditors. On July 19, the debtor, the committee, and the Fahrenheit consortium plan to discuss the plan via Twitter Space. (source link)

ChainCatcher news, according to a report by the Chosun Ilbo citing informed sources, creditors of the South Korean crypto financial company Delio have applied for corporate bankruptcy reorganization procedures (original court takeover procedures) to the Seoul Bankruptcy Court through the law firm LKB & Partners, which is currently filing a class action lawsuit against Haru Invest and Delio.Previous news, Delio announced on June 14 that it had suspended withdrawals, stating that this move was due to increased market volatility after Haru Invest suspended deposits and withdrawals, and later announced on June 28 that it would resume deposit and withdrawal services for ADA, SOL, XTZ, DOT, KSM, and NEAR tokens. (Source link)