Creditors affected by FTX's collapse in 2022 may start receiving assets by the end of this year. The plan to start repaying FTX creditors by the end of 2024 has been set, according to a note from the FTX bankruptcy estate's Joint Official Liquidators meeting in the Bahamas. The bankruptcy of FTX involves two distinct processes: a Chapter 11 bankruptcy case in the US and the liquidation of FTX Digital in the Bahamas due to the complexity of FTX's finances.

Despite the challenging situation, both entities involved in the FTX bankruptcy are working together to ensure a smooth repayment process for creditors without any negative impact. Creditors are encouraged to submit their claims to either party, with the first interim repayment distribution expected by the end of this year.

To be eligible for repayment, creditors must have their claims admitted and pass Know-Your-Customer (KYC) checks. The US government's claims against FTX could range from $3 billion to $5 billion, with ongoing negotiations to facilitate asset distribution. FTX Derivatives Exchange's former head of product, Ramnik Arora, has acquired $61 million in FTX claims through his startup, FTX Creditors. Claims must be submitted by May 15, with a possibility of an extension to June next year.

FTX creditors have until May 15 to participate in the repayment process scheduled to begin by the end of 2024, with a potential extension to June 2025. Meanwhile, FTX founder Sam Bankman-Fried, aged 32, received a 25-year prison sentence earlier this week.