FTX Halts Payouts in 49 Countries, China Hit Hardest

  • In 49 countries, FTX Recovery Trust halts reimbursements for legal reasons.
  • China has 82% of limited claims, 5% of $16B.
  • Creditors must oppose within 45 days or lose claims.
FTX Recovery Trust has suspended creditor payments in 49 jurisdictions because of local legislation that limits cryptocurrency trading or distribution agents. In a July 2 filing with the Delaware bankruptcy court, the decision covers parts of the world such as China, Russia, and Pakistan, where legal ambiguities make fund distributions hard to execute. The creditors in such regions are at risk of losing their claims in case of the persistence of non-compliance. Legal Barriers Block FTX Payouts Source –X As the contents of the filing reveal, local laws in the 49 jurisdictions that prohibit crypto trading or limit third-party distributors do not allow legal payments. The assertions of such areas, which are considered to be disputed, will be kept pending until the jurisdictions are identified as being on par. The trust estimates that these jurisdictions have 5 percent of the total claims of 16 billion dollars, and 82 percent of the restricted value is linked to China. Affected countries will issue a so-called Restricted Jurisdiction Notice to the creditors explaining the rationale behind the hold and a 45-day period during which the creditors can object. The failure to contest the designation by filing a sworn statement accepting the jurisdiction of a U.S. court automatically leads to forfeiture. Money that has not been claimed or has been disputed would go back to the trust to be redistributed. The trust will employ local legal professionals to evaluate the possibility of the payouts. On July 22, a court hearing will decide whether the proposed framework will go forward. When it is approved, the trust will give notice to deal with the objections and continue processing claims worldwide. Creditor Challenges and Options
Source –X The suspension has raised frustrations among creditors, especially those in China; where most of the restricted claims are based. The procedure of the trust involves creditors passing through complicated legal barriers such as filing affidavits and agreeing to the supervision of the U.S courts, which can prove expensive and inaccessible to many. Other creditors seek alternative solutions, including assigning claims to companies in recognized jurisdictions, but such a solution is not always successful. Since February 2025, the FTX Recovery Trust has distributed 6.2 billion in two installments, including $5 billion in May. The distribution partnership with Payoneer has increased the number of jurisdictions to 93, yet the 49 jurisdictions that are restricted are left out. Creditors in these regions have to suffer delays or risk losing their money, which is only part of the aftermath of the FTX collapse in 2022. The once $32 billion exchange declared bankruptcy in November 2022 over fraud allegations by former CEO Sam Bankman-Fried, who was sentenced to a 25-year prison term. Recovery actions by the trust, such as the sale of investments, such as Anthropic, have allowed partial repayments, and limited jurisdictions make the process difficult. The trust still needs legal clarification to decrease the number of prohibited jurisdictions. The hearing of the court will determine the course of action in this complicated bankruptcy case, as awaited by the creditors. The post FTX Halts Payouts in 49 Countries, China Hit Hardest appeared first on Live Bitcoin News.

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FTX Freezes $500M in Disputed Creditor Claims from Crypto-Restricted Countries

  • FTX seeks court approval to freeze $500M in payouts.
  • 49 jurisdictions flagged, China holds 82% of value.
FTX’s bankruptcy estate has filed a motion seeking to freeze creditor distributions in 49 countries with restrictive or ambiguous crypto laws. On July 2, the estate asked the U.S. Bankruptcy Court in Delaware to approve a hold and review process. This move aims to ensure legal compliance before distributing crypto assets globally. The estate warned that sending funds to these jurisdictions could trigger fines, personal liability, or even criminal charges. These risks stem from local laws banning crypto activity or third-party intermediaries. As a result, the FTX Recovery Trust proposes freezing affected payouts until legal clarity is secured. Among the 49 jurisdictions, China accounts for 82% of the disputed claim value, despite making up just 5% of the total claims. While China bans crypto trading, holding digital assets remains legal. Chinese FTX users are challenging the freeze, arguing they have the right to receive dollar-based payouts offshore.

Upon court approval, the trust will issue a “Restricted Jurisdiction Notice” to affected creditors. Creditors will have at least 45 days to file objections. To do so, they must acknowledge U.S. court authority via a sworn declaration. If unresolved by the distribution record date, disputed funds will return to the estate. Creditor Objections and Legal Ramifications

Failure to file timely objections will result in claim forfeiture. Even creditors who object but lose in court will forfeit their claims. One Chinese user confirmed consulting legal counsel and plans to object through every legal channel. FTX creditor advocate Sunil Kavuri emphasized that the trustee holds final authority unless the court rules otherwise.

FTX initiated its second repayment phase in May, aiming to distribute $5 billion. However, this freeze affects $500 million linked to blocked jurisdictions. The trust will resolve claims individually through legal opinions and court rulings. Distributions will resume only if compliance with local laws is confirmed. Highlighted Crypto News Today
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