A creditor from China has filed a formal objection to FTX’s decision to block payouts in several jurisdictions, including China.
Court Challenge
Creditor Weiwei Ji filed a formal objection in court, stating that he represents the interests of about 300 Chinese FTX account holders. The objection was filed in the Delaware Bankruptcy Court. Ji, who is based in Singapore, holds a Chinese passport, confirming his status as a Chinese creditor.
Total Claims
Ji stated that his family holds four KYC-verified FTX accounts with cumulative claims exceeding $15 million. In the filing, he noted, 'We have done everything in accordance with the procedures. This could lead to uneven and discriminatory distribution of rights.'
Legislative Position
The objection was filed following another motion by FTX regarding permits to settle claims in 49 jurisdictions where cryptocurrency is banned or restricted, including China. Ji contested this motion, asserting that it lacks substance and highlighting existing distribution mechanisms. He emphasized that while crypto trading is banned in China, digital assets are recognized as personal property.
Weiwei Ji’s objection against restrictions on payout distribution highlights the complex legal aspects surrounding cryptocurrency in various jurisdictions and demonstrates creditors’ determination to protect their rights.
