FTX plans to lose foreign claims star-news.press/wp

FTX has submitted bankruptcy in the Dilayer bankruptcy court requesting permission to freeze the assets due to creditors in 49 countries with unconfirmed or restricted regulations.

This decision raised concerns among creditors, especially those in China, who are considering legal procedures against the company.

FTX seeks to freeze 5 % of claims for encryption laws in 49 judicial states

On July 2, I asked FTX from the court about whether it could curb the distributions of creditors in 49 and for a judicial killing where coded currency transactions may be illegal or subject to heavy restrictions.

“Today, some creditors of the FTX recovery fund are residing in the judicial states that still have laws and regulations that restrict encrypted currency transactions. Collecting unnight laws and regulations that are not difficult,” I mentioned.

The company has indicated fears that the distribution of assets in such areas can expose it to legal and financial risks. These risks include potential fines, penalties, or even criminal charges of violating local laws.

According to FTX, these judicial states have unclear or restricted laws regarding the encrypted currency, which may complicate the payment process.

As a result, FTX Recovery Trust intends to temporarily freeze assets for creditors in these restricted areas with legal reviews in each judicial state. The assets will be held in the “keeping” structure, pending the assertion that their distribution will not violate any local laws.

If the legal review decides that there are no cases, the assets will be issued to creditors.

However, if compliance is doubtful, confidence will notify creditors and request the court’s approval to appoint them as restricted. In such cases, any non -required distributions will return to the FTX recovery box.

(If) the claim holder (whether it is disputed or allowed) is determined by the FTX Recovery Trust to be residing in a
FTX stated “

According to the court, creditors will have a 45 -day window to object to these decisions.

Chinese creditors lead a legal reaction

The 49 countries included in the deposit of China, Russia, Pakistan, Saudi Arabia, Egypt, Iran, Ukraine and others. The claims of these areas together represent 5 % of the total claims, as China constitutes 82 % of this number.

Given, the proposal has angered, especially among the Chinese creditors who have been waiting for their money since 2022.

Some creditors argue that the Chinese population can keep digital assets and receive US dollars in external accounts despite the local ban on the trading of encryption.

One of the creditors, Zheengji, asked why the settlement process did not support the operations of the wire transport to the external accounts. This is despite the fact that the FTX claims are enhanced by US dollar.

“The US dollar claims are used for settlement. Although foreign exchange controls limit the amount of the US dollar that Chinese residents can receive on the mainland annually, they are allowed to retain the United States abroad. Why is the settlement of bank transportation not supported,” the creditor is not supported. ” interrogation.

Another creditor claimed that confidence intends to use funds from the banned areas to cover the shortage elsewhere, warning that this may provoke a violent coordinated reaction.

“There are more than 1,000 users I see in the WeChat groups that were severely injured in the FTX fraud … If the victims unite in the restricted areas, FTX will be forced to take the most dangerous consequences and pay the price of this fraud,” then it corresponds to this fraud. ” I mentioned.