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CHINESE FTX CREDITORS CHALLENGE PAYOUT DISCRIMINATION IN COURT
A Chinese FTX customer has filed a formal objection in U.S. Bankruptcy Court, arguing the exchange’s proposed payout plan unfairly excludes users from “Restricted Jurisdictions” like China and Russia — despite valid claims.
🔹 Over 300 Chinese creditors represented
🔹 Cites violation of U.S. Bankruptcy Code (Section 1129(b)(1))
🔹 Plan accused of geographic discrimination with no legal precedent
🔹 Could set a major precedent for cross-border crypto bankruptcies
The upcoming court ruling could reshape how international crypto insolvencies are handled — and who gets paid.
#FTX #CryptoBankruptcy #China #USBankruptcyCourt #CryptoLaw
A Chinese FTX customer has filed a formal objection in U.S. Bankruptcy Court, arguing the exchange’s proposed payout plan unfairly excludes users from “Restricted Jurisdictions” like China and Russia — despite valid claims.
🔹 Over 300 Chinese creditors represented
🔹 Cites violation of U.S. Bankruptcy Code (Section 1129(b)(1))
🔹 Plan accused of geographic discrimination with no legal precedent
🔹 Could set a major precedent for cross-border crypto bankruptcies
The upcoming court ruling could reshape how international crypto insolvencies are handled — and who gets paid.
#FTX #CryptoBankruptcy #China #USBankruptcyCourt #CryptoLaw
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