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Chinese creditors of disabilities Ftx The latest legal maneuver grows the effort to question bankruptcy requests for exchange Delay of payday users in 49 jurisdictions with restrictive or uncertain crypto laws.
The group turns to US courts and regulatory bodies and increases concerns about justice, transparency and procedural integrity.
Talk to CryptoslateThe Chinese creditor named Will has retained an American lawyer and is part of a growing community with more than 500 Chinese creditors who organize their response against the FTX decision.
He revealed that dozens of affected users have already sent formal objections to the bankruptcy court. “So far 35 people from our group have sent the judges letters,” said Na X.
Said Cryptoslate:
“I work closely with a growing group of Chinese creditors – now more than 500 members – of which they have coordinated steps, such as writing letters by judges and the American administrator, and exploring the legal representation of the group.”
According to him, their frustration focuses around the recent FTX movement asks the court In order to allow $ 470 million in distribution to creditors in countries with unclear crypto rules. China represents most of this amount, with a claim of $ 380 million or about 82% of the limited total.
However stressed that:
“470 million dollars is not just a cold number – there are countless families who have already injured. The second morning is taking place. We can’t be silent.”
Fears of honesty
When we speak on behalf of Chinese creditors, it will argue that the FTX thrust is contrary to earlier assurances.
Said Cryptoslate:
“We were told clearly: as long as we submitted our claims and voted for the plan, we should be entitled to our distributions like everyone else. Based on this understanding, we cooperated, our claims were verified and supported the reorganization plan in good faith.”
He claims that this conversion disrupts the trust in this process. The new FTX legal step could deny their legitimate compensation due to their “nationality or perceived legal uncertainty”.
He said:
“This situation is not only unfair – it is procedural. The confirmed plan should not change in a way that selectively relieves the rights from certain creditors to reality.
The FTX claims that it is trying to avoid legal risk by not sending funds to countries where crypt cellars can be limited.
However, critics consider this to be a dangerous precedent that could selectively undermine the rights of verified applicants after the reorganization plan confirmation.
Came to the conclusion:
“At the end of the day it is not just about money – it is justice, credibility and confidence in the system. We are not asking for special treatment; we are asking to treat the same rules as each other. The confirmed distribution process should not change in the last stage to selectively reimbursement.”
