Chinese Creditors Challenge $1.4B Exclusion from FTX Bankruptcy Claims
- 35+ Chinese creditors have submitted court objections to prevent exclusion.
- FTX Recovery Trust places $1.4 billion in claims under dispute, including $380 million from China.
- Legal filings indicate possible exclusion of restricted and non-KYC claims.
A group of Chinese creditors is fighting back against their exclusion from the FTX bankruptcy process, as $1.4 billion in claims remain unresolved. Over $380 million in claims from China are at risk of being denied due to regulatory concerns around so-called “restricted jurisdictions.”
Chinese Creditors Take Legal Action
At least 35 Chinese FTX creditors have submitted formal objections to the U.S. bankruptcy court, challenging the classification of their claims as ineligible for repayment.
The objections come in response to the FTX Recovery Trust’s identification of $470 million in claims from users residing in jurisdictions with cryptocurrency restrictions, primarily China.
According to publicly shared claim data, Chinese creditors account for approximately $380 million, representing 82% of the claims categorized under restricted jurisdictions. These users argue that they completed Know Your Customer …
The post Chinese Creditors Challenge $1.4B Exclusion from FTX Bankruptcy Claims appeared first on Coin Edition.
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Chinese Creditors Challenge $1.4B Exclusion from FTX Bankruptcy Claims
- 35+ Chinese creditors have submitted court objections to prevent exclusion.
- FTX Recovery Trust places $1.4 billion in claims under dispute, including $380 million from China.
- Legal filings indicate possible exclusion of restricted and non-KYC claims.
A group of Chinese creditors is fighting back against their exclusion from the FTX bankruptcy process, as $1.4 billion in claims remain unresolved. Over $380 million in claims from China are at risk of being denied due to regulatory concerns around so-called “restricted jurisdictions.”
Chinese Creditors Take Legal Action
At least 35 Chinese FTX creditors have submitted formal objections to the U.S. bankruptcy court, challenging the classification of their claims as ineligible for repayment.
The objections come in response to the FTX Recovery Trust’s identification of $470 million in claims from users residing in jurisdictions with cryptocurrency restrictions, primarily China.
According to publicly shared claim data, Chinese creditors account for approximately $380 million, representing 82% of the claims categorized under restricted jurisdictions. These users argue that they completed Know Your Customer …
The post Chinese Creditors Challenge $1.4B Exclusion from FTX Bankruptcy Claims appeared first on Coin Edition.
Read More