On July 4, 2025, documents were exposed: #FTX The liquidation team does not compensate 'users from restricted countries', with Chinese users accounting for 82% of the claimed amount! 📉#大而美法案
Because transactions are not recognized in the country, this group of users is likely to be deemed 'illegal', and their claims will be deprived - they can't get their money back and may even be 'legally confiscated'. The community is in an uproar, calling it 'American-style robbery' - do people not even have basic fairness?#BTC重返11万
📌 Who is in charge? Just how harsh are the legal fees!
The restructuring team is led by John J. Ray III, who handled the Enron bankruptcy case in history, and has brought in the top law firm Sullivan & Cromwell (S&C).
S&C partners can earn up to 2000 USD per hour
Ray himself also wants 1300 USD/hour
Bloomberg data shows that as of early 2025, in the FTX Chapter 11 bankruptcy, legal fees have been claimed to be as high as 249 million USD!
These fees should belong to the creditors but are being sliced away by the 'professional team' - creditors are cursing that this is another 'Enron script'!
🕵️ The liquidation operations are too strange:
This team has almost emptied all quality assets, but the result is low-priced sell-offs and dismal returns, making people furious:
Other quality projects are also being sold at low prices to affiliated funds (such as Galaxy, Pantera), and then they soar in price, leaving creditors to watch helplessly!
🧩 Legal liquidation or 'protocol-style plunder'?
John Ray's defense is 'lock up funds, prevent risks', but the industry questions:
Why only sell to acquaintances? Why the severe discounts? The post-event price surge is illogical.
Ironically, these legal teams not only take exorbitant fees but also set themselves up with exemption clauses in their plans, making it almost impossible to hold them accountable even if accused of 'malicious liquidation'.
😢 Secondary harm to creditors!
FTX announced that restructuring would take several years after bankruptcy, with assets gradually auctioned from 14.5 billion to 16.3 billion USD. However, if Chinese users fail to claim, this money may be completely in vain, turning into a tragedy with no one responsible.
The professional team takes the lion's share, while creditors, especially Chinese retail investors, can only look at the 'PDF interface' and sigh - fairness and justice have been devoured by the process.
⚠️ Brief summary:
🎭 The legal path seems formal, but in fact, it's a 'fundraising for the liquidation team'.
💸 Creditors' assets are significantly depreciated and transferred, while the professional team benefits.
🚫 Claims from Chinese users may be deemed invalid, equating to 'legal confiscation'.
🚨 The legal team is thriving, but creditors are left out in the cold!
This is not a simple bankruptcy case, but a game of 'legal hollowing out' vs. 'professional manipulation'.
Do creditors want to turn the tables? They still have to wait to see if the system can cater to them...
🗣 What do you think?
Is this a legal liquidation or 'predation under compliance'? Feel free to leave a message and share this so more people can see it!
✍️ DYOR, manage risks well, and may everyone set sail in the crypto world! 🌊
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