A few days ago, it was said that FTX would not compensate domestic users this time, and everyone was extremely dissatisfied. Here, I would like to share a piece of information that I find quite amusing, which should help balance your mind after reading it. 😁

Around April, the Financial Times reported that foreign creditors had recovered only 0.6% of their funds from Chinese developers who defaulted.

The total amount of defaulted offshore bonds by Chinese real estate companies (mainly US dollar bonds) is $147 billion, but as of April 2025, international creditors had only recovered about $917 million through debt restructuring, resulting in a recovery rate of only 0.6%. The British said this is a collapse of commercial credibility.

These foreigners have really been badly scammed. When Lehman Brothers went bankrupt, the recovery rate was around 10%. Chinese real estate companies are teaching these foreign bondholders a lesson.

There is also something else. In 2021, Tether, the world's largest stablecoin issuer (with a scale of $150 billion), was rumored to have purchased $15 billion worth of Chinese real estate company notes and bonds, including Evergrande.

This was a well-known ghost story in the cryptocurrency world at the time, causing USDT to briefly depeg by more than 5%. Tether did not clarify the situation at that time, but quickly sold off Chinese real estate notes and bonds, and instead bought US Treasury bonds, narrowly escaping a disaster. If they had run slower back then, half of the cryptocurrency market would have been buried with Chinese real estate companies.

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