• Dapps:16.23K
  • Blockchains:78
  • Active users:66.47M
  • 30d volume:$303.26B
  • 30d transactions:$879.24M

FTX Creditors Fight Against Payment Limitations for China

user avatar

by Giorgi Kostiuk

7 hours ago


A Chinese creditor representing a group of over 300 other creditors has filed an objection to a recent initiative by FTX concerning the potential loss of claims in certain restricted jurisdictions.

Chinese Creditor's Objection

Creditor Weiwei Ji submitted an objection to the Delaware Bankruptcy Court on behalf of over 300 Chinese FTX creditors. Despite being a tax resident of Singapore, Ji stated he was categorized as a Chinese creditor due to his Chinese passport.

FTX's Payment Limitation Plan

FTX identified creditor claims totaling $800 million across 49 potentially restricted jurisdictions, with China accounting for 82% of the amount. FTX's latest plan suggests engaging local legal experts to assess the feasibility of compliant distributions in these regions.

Legal Arguments of Creditors

Ji's objection points out that FTX claims denominated in U.S. dollars could be lawfully distributed to Chinese creditors through established channels, such as Hong Kong-based accounts. He emphasized that distributing claims poses no legal risk and is a necessary step under the bankruptcy process.

The objection raised by the Chinese creditor highlights the complex legal and financial issues faced by companies undergoing bankruptcy and their creditors. The court proceedings remain ongoing.

0

Rewards

chest
chest
chest
chest

More rewards

Discover enhanced rewards on our social media.

Other news

Bitcoin Hits New High of $112,014 Driven by Aggressive U.S. Buying

chest

Bitcoin reached a record $112,014, driven by aggressive purchases from U.S. investors and an increasing Coinbase Premium.

user avatarGiorgi Kostiuk

Aptos Labs Appoints Solomon Tesfaye as Chief Business Officer

chest

Aptos Labs announces Solomon Tesfaye's appointment to enhance institutional partnerships at a pivotal time.

user avatarGiorgi Kostiuk

Coinbase Adds New Cryptocurrencies for Users in Germany

chest

Coinbase announced a list of new cryptocurrencies for users in Germany, including DeFi and meme coins.

user avatarGiorgi Kostiuk

BIT Mining Focuses on Solana, Raising $300 Million

chest

BIT Mining announces $300 million investment in Solana ecosystem, resulting in stock and SOL price increases.

user avatarGiorgi Kostiuk

Bitcoin on the Rise: Overview of Mutuum Finance

chest

Bitcoin is aiming for $115,000 while Mutuum Finance (MUTM) catches attention with a successful presale phase.

user avatarGiorgi Kostiuk

Solo Miner Wins $350,000 for Block 903,883 with CKpool

chest

A solo miner from CKpool wins $350,000, highlighting the rarity of success in solo mining.

user avatarGiorgi Kostiuk
dapp expert logo
© 2020-2025. DappExpert. All rights reserved.
© 2020-2025. DappExpert. All rights reserved.

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.