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Bankrupt crypto exchange FTX is seeking court approval to deny billions in creditor repayments to users in 49 countries where crypto faces legal restrictions. The move has sparked outrage, particularly among Chinese users, who make up 82% of the affected claims.
- FTX's proposal could deny repayments to users in 49 countries, with Chinese creditors representing 82% of affected claims.
- Creditors in restricted jurisdictions have 45 days to object if their claims are blocked, but funds may be forfeited if local laws prohibit payouts.
- Smaller FTX creditors (under $50,000) have received 120% repayments, while larger claimants got 72.5%, with the rest due by 2027.
📎 Related coverage from: cryptopotato.com