FTX previously submitted a motion to the court, requesting to postpone the disbursement of repayment to creditors from 49 countries with "unclear cryptocurrency regulations and high restrictions," involving funds amounting to $470 million, of which Chinese creditors alone account for $380 million. Now, over 500 Chinese creditors have formed a self-rescue alliance and are gradually protesting to the court and regulatory authorities to defend their rightful repayment rights.

According to a report from (CryptoSlate), a Chinese creditor using the pseudonym "Will" stated that he has hired an American lawyer and is preparing to file a complaint against FTX's decisions together with over 500 Chinese creditors. He pointed out that at least 35 people have already sent letters to the court expressing their opposition and are seeking collective legal representation:

I am closely collaborating with a rapidly growing community of Chinese creditors, which has now exceeded 500 members. Many members are starting organized actions, including writing joint letters to the presiding judge and federal trustee, and actively assessing the possibility of collectively hiring lawyers and initiating legal actions.

Will emphasized: "$470 million is not just a cold number; behind it are countless families with deep scars, and now they are being struck again. We cannot remain silent."

Will stated that FTX previously promised users that as long as the creditor claims were confirmed and supported the restructuring plan, they could proportionally recover their funds. Many users cooperated actively, only to encounter a "last-minute change of plans". He pointed out:

This situation is not only unfair but also raises significant procedural doubts. A repayment plan that has been approved by the court should not be arbitrarily changed afterwards, nor should it selectively deprive specific creditors of their rights.

We believe that such amendments targeting specific jurisdictions should be subject to the strictest scrutiny by the court.

FTX stated that freezing the funds is to avoid disbursing crypto assets to jurisdictions with "higher risks," which may violate local laws.

However, there are widespread concerns that this move could open a Pandora's box of malignant precedents—if the court allows bankrupt enterprises to arbitrarily select payment recipients based on "regulatory uncertainty" and selectively deprive specific creditors of their rights, it will severely undermine the foundational trust in judicial processes and the protections that creditors should have.

Will concluded by saying: "Ultimately, this is not just a matter of money, but also concerns fairness, credibility, and trust in the entire judicial system."

We are not asking for special treatment, but rather for equal treatment under the same rules as other creditors. A repayment process that has been approved by the court should not be arbitrarily changed at the last moment, nor should it selectively exclude those creditors who have completed all procedures according to regulations.

"FTX wants to freeze $470 million in compensation! Over 500 Chinese creditors strike back collectively" was first published in (Block Voice).