Original Title: "FTX Creditor Representative Sunil: Chinese Users Probably Won't Get Their Money Back! Most Are from Restricted Countries"
Original Author: Mickey Mouse, BlockTempo
The bankruptcy of the exchange FTX has stirred up new waves. Creditor representative Sunil revealed in a tweet on the 4th that investors from 49 restricted jurisdictions may be excluded from the compensation list due to local regulations, with the majority of the creditor value coming from China.
Restricted Countries Face Disenfranchisement
Sunil stated:
Among the 49 jurisdictions, 5% of the claims belong to creditors from "restricted countries," and as much as 82% of the claim value comes from China.
The reasons are due to local legal provisions:
1. Cryptocurrency trading is not allowed.
2. There are no domestic cryptocurrency distributors allowed.
Therefore, FTX's handling steps are as follows:
1. FTX will obtain legal opinions;
2. If the legal opinion suggests that distribution to "potentially restricted foreign jurisdictions" is possible, FTX will proceed;
3. If a claimant is identified as a resident of a "restricted foreign jurisdiction":
a. The claim will be listed as a "disputed claim";
b. FTX will file a formal objection;
c. If the dispute is not resolved, the creditor will lose their distribution rights.
In other words, the FTX liquidation committee is seeking legal opinions to determine whether to distribute funds to restricted areas. If the answer is negative, the related claims will be listed as disputed and may be voided, meaning local users will not get their money back.
Although the affected amount only accounts for 5% of the approved claims, 82% is concentrated in China. China has not fully opened up private cryptocurrency activities, and with restricted fund distribution, it has become the biggest variable.
3AC's High-Value Claim Affects Recovery Rate
Another focus of the debt table is the $1.53 billion claim made by Three Arrows Capital (3AC). FTX accuses 3AC of getting into trouble through high-risk trading and believes the amount is severely exaggerated. If the court ultimately recognizes this, the proportion that other investors can recover may decrease by about 20%. Currently, the total disputed claims have exceeded $2.2 billion, adding complexity to the liquidation.
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