Brother Shui recently noticed that the FTX bankruptcy drama has added a new plot twist! Immediately sharing with the brothers. This time it's about the 'repayment map.' The FTX housekeeper team (the asset side) recently raised their hand and said: 'Report to the court! The laws in some countries are too fierce; we dare not send money to the creditors there, fearing the responsible person might get arrested and sing (tears behind bars)!'
The representative of the Chinese creditors stands up:
A creditor named Weiwei Ji (although living in Singapore, he has a Chinese passport) was the first to jump out and oppose on behalf of himself and about 300 people behind him from the 'Chinese debt collection team': 'This is unfair!'
Brother Ji's main argument is very down-to-earth:
1. Money is money, isn't the US dollar appealing? "The settlement plan involves real cash in USD! This currency is globally accepted, legal and compliant, it's not like we're giving you Bitcoin for you to mine at home!"
2. My virtual assets are also assets! Besides, Chinese law states that digital assets are considered 'personal property.' My kitchenware is property, so why aren't the coins in my account?
3. We are good babies! Brother Ji is aggrieved: "I have four accounts, KYC (real-name verification) done properly, claiming over 15 million USD! Not a single step of the process is missed. Now you think you can kick us out of the payment group with just a few words? That's too unreasonable!"
Why did the FTX housekeeper back down?
It turns out that the FTX housekeeper team submitted a small note to the court in early July, listing 49 'high-risk areas' (including China, Russia, Egypt, Afghanistan, etc.).
The reason is quite scary: "Your Honor! It's not that we don't want to pay back, we truly dare not! Sending money to these places could violate the local 'anti-crypto laws,' and our trust's little brothers (executives) could be fined to the point of bankruptcy or worse, possibly end up with a 'deep experience voucher for Moroccan jail' (including free labor)!"
They even specifically named Moldova: "Over there, engaging in virtual asset services? Neither main business nor side jobs are allowed! Getting caught is a criminal offense!"
Current progress:
The court is currently observing this debate of 'to repay or not to repay.' FTX has actually started repaying, beginning with the 'convenient small creditors.' But the repayment standard is based on the cryptocurrency price as of November 2022 (the day FTX collapsed), which has left many creditors rolling their eyes: 'The price has skyrocketed, and you're paying based on the bottom price?' 😂
Brother Shui summarizes💦: On one side, there's the housekeeper afraid of jail, and on the other, the Chinese creditors holding legal documents and USD shouting 'pay up!'
This multinational debt collection drama seems to need to be played out in court a few more times. The onlookers (Brother Shui) say: 'The bench is ready, just waiting to see if the USD can finally break through the [legal blockade]!'$BTC $SUI #FTX #FTXAuction #FTXbankruptcy