Over 500 Chinese Creditors Challenge FTX's $470 Million Payment Freeze in U.S. Court

BlockBeats News, July 9th, according to Cryptoslate, over 500 Chinese creditors have challenged the freeze of a $4.7 billion payment by FTX to a U.S. court, with an increasing number of Chinese creditors facing off in U.S. court over FTX's withholding of distribution funds. A Chinese creditor, using the alias Will, stated in an interview that they have hired a U.S. lawyer, and over 500 Chinese creditors are organizing a response to FTX's decision.

These creditors believe that FTX has violated its early promises, as they were previously explicitly informed that as long as they submitted a claim and voted in favor of the restructuring plan, they would be entitled to receive distributions like other users, but are now being denied rightful compensation due to nationality or legal uncertainties.