FTX Seeks Court Extension to Freeze $470M Repayments, Impacting Majority of Chinese Creditors

Key Points

1. FTX filed a request in Delaware State Court to delay repayments in foreign jurisdictions with unclear or restrictive crypto regulations.

2. The delay impacts creditors in 49 countries, totaling approximately $470 million in claims.

3. Chinese creditors hold the majority of claims, amounting to around $380 million (82% of the total).

4. The motion is titled 'Motion for Leave' and aims to provide additional time for the FTX Recovery Trust to address legal complexities.