FTX announced that its payment plan took effect on January 3, allowing users to start receiving repayments. This marks a significant step forward in the cryptocurrency exchange’s bankruptcy proceedings. Users must file claims through the official website to be eligible for reimbursements.

The repayment initiative targets users with claims under 50,000 USD. According to the plan, the first group of claimants could receive their funds within 60 days. Overall, 98% of users are anticipated to receive 119% of their declared amounts, reflecting positive recovery efforts.

Despite the implementation of this plan, there are concerns surrounding the usage of cryptocurrency prices from the time of bankruptcy for repayments. Nonetheless, BitGo and Kraken are facilitating the distribution process, with anticipated total payouts reaching around 16 billion USD.