FTX may not pay $800 million to clients from 49 countries

📊 The bankrupt cryptocurrency exchange FTX has filed a petition in a US court to reconsider the procedure for compensating clients in 49 countries, including:

🌍 Russia, Ukraine, Belarus, China, Saudi Arabia, Pakistan, and others.

💵 The total amount of claims is $800 million (5% of $16 billion in compensations).

🔵 At the same time, 82% of the amount ($656 million) comes from China.

🔺 What is planned?

🔴 FTX will hire local lawyers to check the possibility of payments under local laws.

🔴 If it turns out that payment is impossible, the exchange will notify creditors.

🔴 They will have 45 days to file objections.

🔴 If no objections are received, the funds will return to FTX for redistribution to other creditors.

🎙 Comment from exchange representatives:

"In a number of countries, cryptocurrencies are banned, and this may hinder payments. But we are trying to reduce the list of countries and clarify the legal status."

🗓 The court hearing is scheduled for July 22.

🟢 In June, FTX paid more than $5 billion to creditors, completing the second phase of distribution.

🟢 The exchange also added Payoneer as another distributor for payments in 93 countries.

🟢 In May, FTX sued Binance and rejected the claims of Three Arrows Capital liquidators.

📈 Trading on ByBit 🤖 Trading on Dragonfly 📱 YouTube

📱 TikTok 📱 Instagram