The simple and crude version: The FTX bankruptcy team has just applied to the court for a "restricted processing procedure" against creditors in 49 countries and regions around the world (including mainland China, Hong Kong, Russia, Vietnam, etc.). Translated into human language, it means: "Creditors in these places, we are not going to pay your compensation properly, and we may not even give you a penny!"

My opinion and critical case:
Brothers, this is not an ordinary procedural adjustment, it is a systematic deprivation! "Restricted areas" in bankruptcy liquidation = abandoned by the law. The core logic is two:

“Too costly”: FTX claims that sending money to these regions requires complicated legal procedures (such as China’s foreign exchange controls), and the cost of the operation may exceed the debt itself;

“Legal barriers”: Blame it on local policies (for example, some countries prohibit citizens from participating in overseas bankruptcy claims).

Bloody case: Remember the bankruptcy of the cryptocurrency lending platform Cred in 2020? At that time, American users got back 72% of their funds, while Chinese creditors only received 5% compensation because they were classified as "restricted areas"! Direct ankle chopping!

An even more ironic reality: Users from certain countries were treated as “high-quality customers” by FTX during KYC (identity authentication), but now they are turned into “legal outcasts” when they lose money - this is not a technical problem at all, but naked cost cutting!

Deep intention warning:
FTX's move has three calculations:
Speed ​​up the payment of compensation: get rid of "difficult" small creditors and give priority to appeasing large American institutions (such as BlackRock and Soros Fund);
Reduce the total amount of compensation: the debts of 49 creditors may be directly reduced to zero, and the saved money will go into their own pockets;
Killing the chicken to scare the monkey: forcing creditors in other regions to accept a lower compensation ratio ("If you make trouble again, you won't even get 5%!").

Creditor Emergency Action Guidelines:

Check the list immediately: FTX official website publishes a list of 49 locations (including Hong Kong/Mainland China), check the location;

Find an organization to join forces: search “FTX Creditors Alliance” on Facebook/Telegram, and collectively hire lawyers to fight;

Exploiting legal loopholes: If you have used overseas bank accounts/KYC information, you can claim to be a "non-restricted user".

Ayers left a hook for everyone:

"If you are an 'abandoned person' in Land 49, you only have two options now: lie down and accept the loss, or gather together and fight to the death!

$BTC

#FTX #BTC

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