The bankruptcy liquidation of FTX has sparked controversy, raising questions about the rights of creditors.

Recently, a document regarding the bankruptcy liquidation of FTX has attracted widespread attention. It is reported that a certain cryptocurrency exchange may confiscate the claim funds from users in "restricted foreign jurisdictions." Even more shocking is that among these claim funds from "restricted countries," as much as 82% comes from Chinese users.

Due to China's strict restrictions on cryptocurrency trading, these users may be classified as "illegal," thus losing their eligibility for claims. This not only means they cannot recover their losses, but their assets may also be "legally confiscated." This news has sparked a strong reaction in the community, with many questioning the clearing team's actions as lacking clear legal basis and accusing it of being a form of asset plunder.

The company in bankruptcy is being taken over by a restructuring team from Wall Street, led by restructuring expert John J. Ray III as CEO, and a well-known law firm has been assembled to form the liquidation team. It is noteworthy that the fee standards for this team are exceptionally high. Reports indicate that by early 2025, the cumulative reported legal service fees have reached as high as $249 million.

The liquidation team's handling of the historical investment portfolio of the platform has also sparked controversy. Many investment projects, which were originally considered important assets, were sold at prices far below market value. For example, in the equity disposals of the artificial intelligence company Cursor, the public chain project Mysten Labs, and the AI security company Anthropic, the liquidation team's decisions may result in potential losses of billions of dollars in earnings.

This concentrated and short-term "liquidation sell-off" behavior has raised doubts within the industry about the fairness of the liquidation process. Some analysts believe that the liquidation team may transfer high-quality assets at low prices to specific institutions in a very short period while charging high attorney fees, ultimately resulting in the low-priced transfer of assets that originally belonged to creditors.

Currently, the bankrupt assets of this cryptocurrency exchange platform are expected to be globally liquidated and distributed with a total amount ranging from $14.5 billion to $16.3 billion. However, if users in regions such as China ultimately cannot claim their compensation smoothly, it would mean a new tragedy: some users may be completely excluded from the legal system, and the funds that originally belonged to them may be devoured by complex legal procedures and the operations of bankruptcy lawyers.

This bankruptcy liquidation not only involves huge amounts of money but also concerns the rights and interests of tens of thousands of investors. It exposes many issues in the current regulatory and bankruptcy handling mechanisms of the cryptocurrency industry and has sparked deep reflection on the fairness of the law. For ordinary investors who are deeply trapped in this situation, it is not only a loss of funds but also a disappointment in their expectations for fairness and justice.