Chinese FTX Creditor Challenges Plan to Block Payouts in Restricted Jurisdictions
2025-07-10 07:26:10
Main Idea
A Chinese FTX creditor is challenging a plan that could block payouts in 49 jurisdictions, claiming $15 million across four KYC-verified accounts and arguing the classification based on passport is unfair.
Key Points
1. Weiwei Ji, representing over 300 Chinese creditors, filed an objection to FTX's plan to block payouts in 49 jurisdictions, including China.
2. Ji claims $15 million across four KYC-verified FTX accounts and disputes being classified as a Chinese creditor due to his passport, despite being a tax resident of Singapore.
3. Claims from the 49 jurisdictions total roughly $800 million, with China accounting for 82% of the restricted claims.
4. Ji cited the Celsius Network case as precedent, arguing that distributing claims to Chinese creditors poses no legal risk to the Trustee.
5. FTX founder Sam Bankman-Fried is projected to be released from federal prison on December 14, 2044, after being fined over $11 billion.
Description
A Chinese creditor of bankrupt crypto exchange FTX has pushed back against a proposal that could cut off creditor distributions to users in certain jurisdictions, including China. Key Takeaways: A Chinese FTX creditor is challenging a plan that could block payouts in 49 jurisdictions. Ji, representing over 300 creditors, claims $15 million across four verified FTX accounts. He argues China should not be restricted, citing legal property status and Hong Kong access. In a filing submitted to the D...
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