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FTX has officially started its repayment process after the cryptocurrency exchange’s reorganization plan became effective on Friday, January 3. The company, still undergoing bankruptcy proceedings, announced that users eligible for repayments should prepare to receive funds, but also warned about phishing attempts targeting claimants.
FTX debtors advised customers to remain cautious of fraudulent emails designed to mimic official communications from the exchange. Users must have filed claims through the official FTX website to qualify for repayments. The first group of reimbursements, expected within 60 days, will include individuals who belong to “convenience classes”—users claiming $50,000 or less.
The reorganization plan, approved in October, outlined repayment terms for customers. According to the plan, 98% of FTX users should receive 119% of the declared value of their claims. This marks a significant step toward closing the chapter on FTX’s collapse, which began with its bankruptcy filing in November 2022.
Repayments will involve contributions from external firms, including BitGo and Kraken, which confirmed their roles in assisting with the distribution of recoveries in December. Assuming all claims are correctly filed and verified, FTX could potentially distribute approximately $16 billion to its users.
FTX’s downfall followed revelations of financial misconduct, which led to several executives being convicted and imprisoned. With repayments underway, this process represents one of the final phases of the saga that disrupted the cryptocurrency industry.