Is a Chinese creditor Filed According to Tuesday’s court filing, an objection to a proposal from FTX Estate that prevents payment to residents in authorities with laws or rules that ban cryptocurrency transactions.
The creditor, Weewei ji, said that although they live in Singapore, they have been classified as a Chinese creditor due to keeping Chinese passports. The GI said that the objection was allegedly presented by Ji and the growing groups of Chinese creditors – more than 300 individuals.
The objection raises two major arguments: first, that FTX settlements are made in US dollars, a standard legal repayment method. Second, it notes that cryptocurrency distribution is legal in China, with digital property “personal property”.
“My family holds four KYC-verified accounts with a total claims of more than $ 15 million USD … We have fully complied with every procedural requirement under the plan. The proposed pace now endanger our right to distribution in an arbitrary and unevenly manner,” JI argues in the document.
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FTX Estate speed detailed
FTX Estate Filed On July 2, a proposal to pay the residents of the restricted countries, stating that “the violation of these legal sanctions can trigger the distribution penalty and penalty by the FTX Recovery Trust in jurisdiction, which includes personal liability for directors and officials, and/or criminal punishment for the directors and officials.”
The proposal of FTX Estate identified 49 countries, which have obscure or restrictive crypto laws, places that can potentially pose risk due to complex border legal complications.
The proposal was filed in Delaware with the US bankruptcy court. According to the proposal, 5% of the value of the permitted claims is due to the residents in these restricted courts.
Apart from China, potentially restricted countries include Russia, Egypt, Afghanistan, Tunisia, Zimbabwe, Ukraine and Moldova.
FTX Estate used Moldova as an example in its speed. “In Moldova, it is a criminal offense to engage in” the activity of providing services about virtual assets “… on the area of the Republic of Moldova, in cases where this activity is helpful/complementary to the main activity.”
The FTX Estate started on 18 February with members of the facility. In November 2022, the amount of repayment was created based on the value of digital assets around the time of the decline of the exchange, a policy that disturbed some creditors.
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