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Chinese Creditors Challenge FTX Estate’s Payout Restrictions
A Chinese creditor has filed an objection to a motion by the FTX estate that seeks to halt distributions to creditors in countries with restrictive or unclear cryptocurrency regulations. The objection, submitted to a U.S. bankruptcy court on Tuesday, comes from Weiwei Ji, a Chinese passport holder currently living in Singapore. Ji stated that despite their current residence, they’ve been classified as a Chinese creditor due to their nationality. According to the filing, Ji represents a group of more than 300 Chinese creditors with substantial claims. FTX Repayment Restrictions Under Fire FTX’s motion, filed on July 2 in the U.S. Bankruptcy Court in Delaware, seeks to temporarily halt repayments to creditors in 49 jurisdictions. These include countries like China, Russia, Zimbabwe, and Moldova, where laws around cryptocurrency are either ambiguous or restrictive. The estate argues that making payments to residents in these areas could potentially result in criminal penalties, financial fines, or personal liability for those administering the repayments. Moldova, in particular, was cited as a risk example, where even auxiliary services involving virtual assets are deemed criminal offenses. Claimants Argue Distribution Should Proceed In the objection, Ji argued that digital assets are considered personal property in China, and U.S. dollar settlements are a recognized legal form of payment. This, Ji claims, nullifies the rationale for withholding distributions. “My family holds four KYC-verified accounts with aggregate claims exceeding $15 million USD,” Ji wrote. “We have fully complied with every procedural requirement under the Plan. The proposed motion now jeopardizes our right to distribution in an arbitrary and inequitable manner.” Wider Implications for Creditors Worldwide The motion estimates that around 5% of the total value of approved claims belongs to residents in restricted regions. The estate’s filing seeks to mitigate potential legal complications arising from international payouts. However, creditors like Ji argue that the motion imposes unfair barriers and contradicts the spirit of the agreed-upon bankruptcy plan. The objection brings attention to the complexities of cross-border bankruptcy proceedings involving digital assets. FTX Repayments Already Underway FTX began issuing repayments on February 18, prioritizing convenience class claimants. These initial payments are based on the value of digital assets at the time of the company’s collapse in November 2022—a decision that has been criticized by some creditors. While the estate continues to navigate legal and logistical hurdles, the backlash from international creditors could pose new challenges in the already controversial repayment process.

2025-07-10 04:13
BTC Stalls Just Below $110,000 Amidst Heavy Sell Pressure
Bitcoin made an ambitious push toward the $110,000 mark on July 9, but selling pressure halted its advance just short of the milestone. BTC/USD peaked at $109,777 on Bitstamp before reversing, according to data from Cointelegraph Markets Pro and TradingView. The price remains constrained within a tight range, with liquidity clustering at key levels. Order book data from CoinGlass indicated strong buying interest around $108,500 and heavy sell pressure near $110,500, which appears to be capping further gains for now. Traders Signal Caution as Liquidity Concentrates Despite the temporary pullback, many market participants are optimistic that Bitcoin may be preparing for another rally. Trader Jelle noted the heavy liquidity above $110,000 and suggested a successful breakout could quickly push the price much higher. “Almost all liquidity is to the upside. Stops above $110k are not safe,” he commented on X, forecasting a possible move to $130,000 if the resistance is broken. Analyst BitBull highlighted technical indicators that might support this bullish scenario. He pointed to a potential inverse head and shoulders pattern on the 3-day RSI and price charts. “For breakout, we need one of these 2 things. Either a 3D close above $110K or a 3D RSI close above 70. After that, we’ll experience an up-only rally for 3-4 weeks,” he explained. Volatility Expected as Macro Factors Weigh on Sentiment Beyond technicals, broader macroeconomic factors are also expected to influence Bitcoin’s short-term trajectory. QCP Capital, in its latest bulletin to Telegram subscribers, said the upcoming U.S. Consumer Price Index (CPI) report could introduce volatility in the crypto and equities markets. The firm emphasized that recent strong jobs data had already cooled optimism around near-term interest rate cuts by the Federal Reserve. “Markets have scaled back expectations to two cuts in 2025, down from 2.5 previously. A July cut is all but priced out. September odds have slipped from 90% to 70%,” the bulletin noted. This shift in expectations has placed additional focus on upcoming economic data releases. Despite these uncertainties, QCP described Bitcoin as “well bid,” supported by institutional inflows and a weakening U.S. dollar. “With a reignited trade war, a more hawkish Fed, and tightening liquidity conditions, the stage is set for elevated volatility,” the firm added. “Macro catalysts are lining up. Buckle up,” QCP concluded. Outlook Hinges on Breaking $110K While BTC has so far failed to close above $110,000 since June 11, traders remain alert for a breakout that could mark the beginning of a stronger bullish trend. The presence of sell-side liquidity above the current level continues to pose a challenge, but the alignment of technical signals and macroeconomic catalysts may offer enough fuel for Bitcoin to attempt another leg higher. Until then, investors appear to be watching liquidity zones and upcoming inflation data closely for signs of the next major move.

2025-07-09 19:08