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, FTX Trading Ltd. and its affiliated debtors announced that FTX is nearing the completion of the final prerequisites for the court-approved bankruptcy reorganization plan, paving the way for FTX to begin distributing compensation to creditors and customers. The effectiveness of the bankruptcy reorganization plan means that the court-approved reorganization plan officially begins implementation. This typically marks a critical step in the bankruptcy process, where the bankrupt company has reached agreements with creditors and other stakeholders and is prepared to proceed with actual debt repayment and asset distribution according to the plan.FTX provided the following update regarding the expected distribution timeline:In early December, the debtors expect to finalize arrangements with professional distribution agents who will assist FTX in distributing compensation to global customers within supported jurisdictions. At that time, the debtors will provide instructions to guide customers in establishing approved accounts on the existing customer portal.By the end of December, the debtors expect to announce the exact effective date after the court order approving the disputed claims reserve amount, which is a prerequisite for distribution according to the confirmation order.The debtors currently anticipate that the bankruptcy reorganization plan will become effective in early January 2025. According to the confirmation order, the first distributions will occur within 60 days after the effective date, targeting convenience class creditors allowed to claim under the plan. The record date for the initial distribution will be the same as the effective date.

According to ChainCatcher news, reported by The Block, a lawyer claims that Caroline Ellison, the former CEO of Alameda Research involved in the FTX collapse, should not be imprisoned for her role in the downfall of FTX. He advocates for her to serve some time in prison before being placed under house arrest. The reasoning is that Caroline Ellison has been cooperating with the government and FTX debtors, and her testimony in last year's trial of Sam Bankman-Fried was very helpful. "There is no risk of reoffending, nor does she pose a threat to public safety. Therefore, considering Caroline's early disclosure of her crimes, her unwavering acceptance of responsibility, and most importantly—her extensive cooperation with the government, leniency would help uphold the law."Earlier news today states that Caroline Ellison will be sentenced in a New York court on September 24, facing fraud charges that include two counts of conspiracy to commit wire fraud, two counts of actual wire fraud, and one count of conspiracy to commit money laundering.In March of this year, former FTX CEO Sam Bankman-Fried was convicted on seven counts of fraud and conspiracy and was sentenced to 25 years in prison.

ChainCatcher news, Kroll's official website shows that the voting deadline for the FTX claims plan is August 16 at 4 PM ET (August 17 at 4 AM Beijing time).Previously, the official committee of unsecured creditors of FTX stated on the X platform that the FTX debtors are sending solicitations for opinions and seeking votes from customers and creditors through Kroll. It is understood that if users file a claim solely for holding FTT, it will be considered a rejection of the plan, and they will not have the right to vote, but they can choose to participate in the release of the plan.

ChainCatcher news, FTX posted on X reminding: Please be aware of phishing emails that appear to be from FTX debtors, as well as fraudulent websites impersonating FTX debtor online claims portals. Please note that FTX debtors will never ask users to connect their wallets.Previous news, FTX and the Commodity Futures Trading Commission (CFTC) have agreed to a $12.7 billion settlement, currently awaiting approval from a Delaware judge.According to court documents submitted to the U.S. Bankruptcy Court in Delaware on July 12, the two companies have been negotiating for the past few months. As part of the settlement agreement, the CFTC agreed not to seek any compensation as long as FTX complies with the reorganization plan. Therefore, FTX will pay creditors up to $12.7 billion in compensation, depending on available funds.A hearing on the settlement motion will be held on August 6.

ChainCatcher news, the official committee of unsecured creditors (UCC) of FTX stated on X that the FTX debtors are sending solicitations and ballots to customers and creditors through Kroll to vote on the customer claims plan. Users who hold fiat or cryptocurrencies other than FTT and have submitted customer claims will be eligible to vote, and the UCC encourages all eligible customers and creditors to vote in favor of the plan.

ChainCatcher news, with the approval of the bankruptcy judge, FTX's debtor has reached a $450 million settlement agreement with the bankrupt company Voyager Digital. In documents submitted to the U.S. Bankruptcy Court in Delaware on April 29, Judge John Dorsey approved the terms of the agreement between FTX and Voyager, allowing Voyager to resolve all claims with FTX as part of the creditor compensation plan. Upon approval, both parties will agree to return $5 million held in escrow by Voyager and an additional $445 million related to loan repayment litigation involving Alameda Research to the company's debtors. FTX will also "waive" all rights to these funds.

ChainCatcher message, the bankrupt cryptocurrency exchange platform FTX has posted on social media to remind that, authorized by the court, the sale of digital assets by FTX debtors under Bankruptcy Court Order No. 2505 is exclusively handled by Galaxy Asset Management. However, it has been discovered that some unauthorized third parties are attempting to solicit bids from buyers on behalf of FTX debtors. Any sale offers or purchase solicitations are only made by Galaxy Asset Management to institutional buyers or other relevant parties in compliance with applicable laws.Additionally, if FTX debtors sell locked digital assets, the terms and conditions governing the timeline for unlocking related assets will not change.

ChainCatcher news, according to Cointelegraph, the debtors of the FTX cryptocurrency exchange have filed an independent lawsuit in the bankruptcy case concerning the acquisition of the liquidation platform Embed. According to documents from the U.S. Federal Bankruptcy Court for the District of Delaware, the FTX debtors stated that they have reached a proposed settlement with SBF regarding claims in the "Embed Proceeding." Although FTX acquired Embed for $2.2 billion through its U.S. branch in June 2022, lawyers for FTX's leadership indicated that there was almost no substantive due diligence conducted at the time of the transaction. The documents noted that the proposed agreement is most beneficial to the debtors' assets, creditors, and stakeholders, and called for swift execution.The agreement stipulates that SBF will return the full value of two future equity simple agreements sent to him by FTX US and waive all asset rights in accounts under Embed. This proposal only addresses specific aspects of the bankruptcy case related to Embed and SBF, excluding all assets handled by the exchange to address creditor claims.It is reported that FTX filed for bankruptcy in November 2022, after which Bankman-Fried resigned and was convicted of seven felonies in the U.S. The debtors also plan to merge assets with FTX Digital Markets as part of efforts to allocate funds to customers. This move is the latest attempt by the debtors to manage company assets and repay creditors under the proposed organizational plan.

According to ChainCatcher news, data monitoring by Spot On Chain shows that FTX and Alameda previously transferred 13.22 million SOL (660 million USD) to the trading platform between October 24, 2023, and December 14, 2023. Currently, there may be 2 million SOL (192 million USD) available for sale.In addition, Spot On Chain also disclosed that a total of 40.5 million SOL (approximately 4 billion USD) will be unlocked linearly each month, most of which will be completed by 2025. After FTX's bankruptcy, SOL has surged a cumulative 550%, rising from 17.66 USD to 98 USD, which means potential gains for FTX creditors exceed 3 billion USD.

ChainCatcher news, FTX and its affiliated debtors have reached a global settlement with the joint official liquidators regarding FTX debtor's wholly-owned subsidiary FTX Digital Markets. FTX Digital Markets is currently undergoing liquidation proceedings in the Bahamas. The settlement has been reflected in a global settlement agreement signed by the parties today. The global settlement agreement is subject to approval by the U.S. Bankruptcy Court for the District of Delaware and the Supreme Court of the Bahamas.

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 news reports that court documents show FTX and its debtors have requested the U.S. Bankruptcy Court in Delaware to approve the sale of certain trust assets through an investment advisor, namely the Grayscale and Bitwise funds, estimated to be worth $744 million.According to court documents, this move aims to prepare for the upcoming monetization distribution for creditors and allows FTX to quickly sell these trust assets at the appropriate time.Additionally, by establishing a pricing committee, all stakeholders will have representation to alleviate the costs and delays associated with the separate sale of each asset.

ChainCatcher news, according to Blockworks, a spokesperson for Stanford University confirmed that it received over $5.5 million in donations from the FTX group, stating that these donations were made directly by SBF's father, Stanford faculty member Joe Bankman, and promised to return the money to the creditors.

ChainCatcher news, court documents show that after the U.S. trustee opposed a previous motion, the FTX debtors modified the settlement proposal.In the latest proposal, the debtors will list the U.S. trustee as an interested party and reduce the maximum settlement value of the claims covered by the procedure from the previous $10 million to $7 million. The debtors will also submit monthly reports on the executed settlements. Any objections from the interested parties will need to be resolved or settled through a court order before the claims process can proceed.

ChainCatcher message, FTX official announcement reminds that all official public communications from FTX debtors come from official company channels, emphasizing that claims.ftx.com is the only customer claims portal, and the website restart time will be determined by the debtors. Please be aware of phishing link attacks from other sources.The deadline for customers to submit claims has been set for September 29, 2023, at 4 PM (Eastern Time), and claims must be submitted before the deadline.This morning, the FTX claims portal was briefly online, but the website is currently unavailable. (Source link)

ChainCatcher news, according to the second report released by the FTX debtors on Monday, which details a list of luxury properties purchased with funds from mixed accounts of customer and company assets. The report states that former FTX CEO Sam Bankman-Fried misused customer funds to buy multiple luxury properties worth millions of dollars for employees and their friends and families in the Bahamas, totaling over $243 million.The properties include a six-bedroom, 11,500 square foot penthouse in the Albany resort community, where FTX founder and his associates Caroline Ellison, Nishad Singh, and Gary Wang reside. Additionally, FTX spent over $18 million on a property named "Albany Hive" in the Bahamas, which is an "exclusive luxury community spanning 600 acres," featuring a golf course, equestrian activities, a full-service spa, and other amenities. FTX also spent over $16 million on the "Old Fort Bay Lot A," where homes feature spacious outdoor pools near the water.The FTX debtors claim that FTX currently owes customers approximately $8.7 billion. (source link)

ChainCatcher news, according to The Block, FTX debtors released a second investigation report on Monday detailing the mixing and misuse of customer deposits at the exchange. CEO and Chief Restructuring Officer John J. Ray III stated in a statement, "From the inception of the FTX exchange, the FTX group has mixed customer deposits with company funds and has arbitrarily misused them under the guidance and design of former executives." The report states that FTX owes customers approximately $8.7 billion. The third investigation report is expected to be released in August 2023. (source link)

ChainCatcher news, the FTX Unsecured Creditors Committee tweeted that from April 27 to 28, the IRS submitted a large number of proof of claims, making substantial claims against multiple debtors. The debtors and the committee are assessing the nature, validity, priority, and amount of these claims. (Source link)

ChainCatcher news, FTX debtors have agreed to sell the derivatives exchange LedgerX to a subsidiary of Miami International Holdings, M7 Holdings, for approximately $50 million. The transaction also requires approval from the U.S. bankruptcy court overseeing the FTX bankruptcy proceedings, with the sale hearing scheduled for May 4.FTX received approval earlier this year to sell business units to raise funds for creditors and also plans to sell three subsidiaries: Embed Financial Technologies, FTX Japan, and FTX Europe. According to a legal document from earlier this year, about 117 parties have expressed interest in purchasing FTX's subsidiaries. (The Block)