Will FTX Claims Include Countries Where Cryptocurrency Activities Are Restricted or Banned?

Chinese users among other listed nations could see their FTX claims tied up longer or even wiped out. The FTX Recovery Trust is seeking legal opinion to facilitate claim distributions. FTX held the majority of its assets in Solana, Bitcoin, and Ethereum for global users. FTX Recovery Trust has filed a motion in Delaware’s bankruptcy court to establish a process for handling claims from 49 countries where cryptocurrency trading is banned or illegal. The FTX Recovery Trust will consider the claims from the said nations as disputed claims. Out of the 49 countries listed by FTX Recovery Trust, creditors from China accounted for 82% of the disputed claims, which is estimated at 5% of the total allowed claims. If these disputed claims are denied, the forfeited amount will impact the final distribution pool. 1) FTX will take a legal opinion 2) If can make distributions to potentially Restricted Foreign Jurisdictions will do so 3) if it determines resident is of Restricted Foreign Jurisdiction i) Claim will be disputed ii) File an objection iii) Will forfeit distribution… pic.twitter.com/9aNbF63zwa — Sunil (FTX Creditor Champion) (@sunil_trades) July 3, 202… The post Will FTX Claims Include Countries Where Cryptocurrency Activities Are Restricted or Banned? appeared first on Coin Edition .

Source: Coin Edition