More than 500 Chinese creditors are challenging FTX’s $470 million payment freeze in a U.S. court

This article is machine translated
Show original

PANews reported on July 9th that according to CryptoSlate, over 500 Chinese creditors are objecting to the U.S. court regarding the recovery of $470 million frozen by FTX. Previously, FTX requested a suspension of payments to users from 49 jurisdictions, including China, citing "cryptocurrency legal uncertainty", with Chinese creditors involving $380 million in claims, accounting for 82%.

The creditors' representative Will stated that the group has submitted 35 written objections to the bankruptcy court and is seeking collective legal representation. They question FTX's unilateral modification of terms after the restructuring plan's approval, believing this differentiation based on nationality or region undermines procedural fairness. FTX claims this move is to avoid legal risks of remitting funds to regions with cryptocurrency restrictions.

Source
Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.
Like
1
Add to Favorites
Comments