The Coin Rise 2025-07-04 17:01:04

FTX Moves to Address Creditor Claims in Overseas Jurisdictions

The FTX Recovery Trust has taken a key step toward resolving international creditor claims tied to the collapsed crypto exchange . On July 3, the Trust filed a motion in court seeking approval to start a new process for handling previously ineligible creditor claims . This process targets countries where legal or regulatory barriers could make payouts difficult. FTX Assess Distribution Challenges in 49 Countries The FTX Trust has identified 49 foreign countries that may pose legal obstacles to distributing creditor funds. These jurisdictions include major nations such as China, Russia, Ukraine, Pakistan, and Saudi Arabia. Although claims from these regions account for only 5% of the total estimated $16 billion, they are significant. About 82% of that portion comes from claimants based in China. To address this, the Trust has proposed a detailed process it calls the Restricted Jurisdiction Procedures. This plan involves hiring legal experts in each country to examine whether it is possible to make distributions while complying with local laws and regulations. FTX Trust Outlines Plan for Payouts in Legally Challenging Countries If the legal review confirms that distributions can proceed in a particular country, the Trust will go ahead and work with service providers to deliver the funds. However, if legal compliance cannot be ensured, the Trust will notify creditors in that country and request that the court officially classify the region as restricted. Once a country is classified as restricted, creditors will have 45 days to raise objections. If no objections are submitted or if the court denies them, the claims from that region will be considered unresolved. The funds will then be returned to the Trust and eventually redistributed to other eligible creditors. The Trust emphasized that it will not distribute funds in any country where doing so would violate local laws and regulations. Claims from such countries will remain in dispute until the legal situation becomes clearer. A court hearing is scheduled for July 22 to review and approve the plan. If approved, the FTX Recovery Trust will begin hiring legal representatives, send notices to affected creditors, and process any objections. In the meantime, the Trust will continue to work on reducing the number of restricted jurisdictions. It plans to monitor legal changes and remove countries from the list whenever possible. Creditor Reactions and Previous Steps Some creditors, especially those in China, have already expressed strong concerns about the proposed plan, calling it unfair and urging others to speak up. The FTX Recovery Trust began its second round of creditor payments in May. It had earlier tried to reach more people by adding Payoneer as a third payment partner, now covering 93 regions. However, despite this step, some users remain left out due to the complex legal environments in their respective countries. As the process continues, the Trust remains focused on finding lawful and fair solutions to return funds to creditors. The post FTX Moves to Address Creditor Claims in Overseas Jurisdictions appeared first on TheCoinrise.com .

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