The Road to Rights Protection for FTX Creditors in China: A Struggle Against Institutional Injustice

Will, the representative of FTX's Chinese creditors, shared his personal experiences and rights protection process during the FTX incident. As a major creditor of FTX, Will detailed how he transferred over 90% of his assets to FTX and the progress of debt recovery after FTX's bankruptcy.

Recently, FTX proposed a motion for a "restricted jurisdiction" that could prevent creditors from 49 countries, including China, from obtaining compensation. Will stated that this motion has serious issues, depriving Chinese creditors of their legitimate rights and interests. He is organizing a group of creditors to take action, including writing to the judge to express their opposition and formally submitting legal objections through lawyers.

Will pointed out that the legal basis for the motion is tenuous and ignores the fact that the claims against FTX are essentially dollar-denominated debts. He believes that even if there are issues with the payment pathways, this should not be a reason to deprive creditors of compensation. Will emphasized that receiving dollar wire transfers through overseas bank accounts is a completely viable solution and does not involve foreign exchange control issues.

Currently, the most pressing challenge facing creditors is to submit their objections before July 15. Will calls for more creditors to take action by expressing their demands through letters or legal avenues. He stated that although this may be a long process, creditors must persevere to protect their rights.

This FTX creditor rights protection action concerns not only personal assets but also reveals systemic injustices in cross-border bankruptcy cases. The efforts of Will and other creditors will provide important references for the handling of similar cases in the future.