How the Mt. Gox Case Could Help Chinese FTX Creditors Win

2025-07-14 19:31:36 分类：Blockchain Query 阅读(3931)

• 35+ Chinese creditors have submitted court objections to prevent exclusion.
• FTX Recovery Trust places $1.4 billion in claims under dispute, including $380 million from China.
• Legal filings indicate possible exclusion of restricted and non-KYC claims.

A group of Chinese creditors is fighting back against their exclusion from the FTX bankruptcy process, as $1.4 billion in claims remain unresolved. Over $380 million in claims from China are at risk of being denied due to regulatory concerns around so-called “restricted jurisdictions.”

Chinese Creditors Take Legal Action

At least 35 Chinese FTX creditors have submitted formal objections to the U.S. bankruptcy court, challenging the classification of their claims as ineligible for repayment.

The objections come in response to the FTX Recovery Trusts identification of $470 million in claims from users residing in jurisdictions with cryptocurrency restrictions, primarily China.

According to publicly shared claim data, Chinese creditors account for approximately $380 million, representing 82% of the claims categorized under restricted jurisdictions. These users argue that they completed Know Your Customer (KYC) procedures through FTX.com while it was still operating in mainland China.

Related: Does FTX Still Have a Future — And What About FTT Token？

The Argument: Pointing to the Mt. Gox Precedent

A community member supporting the objection, Will, highlights successful repayments from Mt. Gox to Chinese users in 2024. These included Bitcoin (BTC) and Bitcoin Cash (BCH) via Kraken, as well as the Japanese yen via PayPal, despite similar regional restrictions.

In addition, Chinese creditors have taken steps to educate global stakeholders.

Meanwhile, Will shared that a U.S. journalist had recently contacted him, expressing surprise that FTX.com had operated in mainland China. The journalist had assumed that all Chinese users accessed FTX through offshore accounts.

Will clarified that Chinese KYC verification was fully accessible on FTX.com during its operations in China and provided supporting evidence to help close the information gap.

Disputed Claims Reach $1.4 Billion

Beyond jurisdiction issues, the FTX Recovery Trust has flagged other problematic claims. These include a $290 million in claims from users who failed to complete KYC verification in The Bahamas.

Additionally, $660 million in claims is tied to potential litigation or duplicate filings. Combined with the restricted jurisdiction claims, the total disputed amount now stands at $1.4 billion.

A recent court filing (Case No. 22-11068-KBO, Document 31085) reveals that the FTX Recovery Trust plans to reduce its original reserve amount by $1.93 billion, adjusting the total reserve to $4.6 billion.

The document states that the Trust may file a motion seeking court approval to implement formal procedures for denying payment to claimants who are subject to sanctions or have failed to meet identity verification requirements.

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