4 Months and Counting: How Can FTX Creditors in Mainland China and Macau Avoid Losing Everything?

Over the past two years, FTX creditors in most countries and regions have gradually recovered their funds, but creditors in Mainland China and Macau have yet to receive a single cent. Rather than waiting passively in frustration, it is better to take the initiative.

Key Points: Risks and Solutions

• Users cannot receive payouts. Currently, FTX has not opened the selection of distribution service providers to residents of Mainland China and Macau. Even if your claim has been approved, it cannot be redeemed. This situation has persisted for a year and a half and remains unresolved.
• The deadline is approaching: January 31, 2027. Creditors who have not connected to a distribution service provider by then may lose the right to receive their full payout.
• No payout channel + deadline = potential total loss, and this time it will be gone for good.
• Solution: Before the deadline, sell your claim. This is an important way to cash out quickly right now — the transaction takes only 24–48 hours.

In November 2022, FTX collapsed under massive debt; in January 2025, the FTX bankruptcy reorganization plan officially took effect, and five rounds of distributions have been made so far.

However, if a user's registered residential address in their FTX account is located in Mainland China or Macau, the payout process gets stuck at step 8 — even if they have completed identity verification (KYC), submitted tax forms, and had their claim approved.

Step 8 requires selecting a distribution service provider. FTX partners with only three: BitGo, Kraken, and Payoneer, and displays available providers based on the user's registered country or region of residence. For residents of Mainland China and Macau, none of the three are displayed. As for when this will change, FTX has not specified, only promising to "add new service providers."

The Payout Countdown Has Begun

FTX states it plainly on its "help page" for creditors: Creditors who have not connected to a distribution service provider by January 31, 2027, "may forfeit their right to receive a payout." For creditors in Mainland China and Macau, this seems almost like a joke: they must connect on time, yet have nowhere to connect to.

In 2022, users already lost their money once. Now, under FTX's own rules, users may lose it again.

This is not alarmism. A similar deadline from a previous distribution round has already passed, and FTX made it clear: those who fail to complete by the deadline will permanently lose that round's payout. Whether FTX will make an exception for creditors who have nowhere to connect remains unknown. There is no guarantee.

As early as 2025, FTX attempted to use the courts to eliminate the payout rights of creditors in Mainland China, but was unsuccessful. This time, FTX has set a date — January 31 — and there will be no extensions.

Want to know what your claim is worth right now? Enter the 8-digit code from your Kroll email into the Qredax calculator. This code can also be found in your FTX account.

How to Get Your Money Without Waiting for FTX

You can keep waiting, but the reality is not in your favor: as early as the first distribution round over a year and a half ago, creditors in Mainland China were excluded; four more rounds have since been conducted, and still there is no distribution service provider for Mainland China and Macau.

Now there are fewer than four months left until January 31. Hoping FTX will accomplish in four months what it has failed to do in the past year and a half is essentially betting your money against the facts — a losing bet.

Let's do the math:

· If you continue to wait and FTX never opens payouts to Mainland China and Macau, users may lose all assets trapped in the exchange, and they will never get them back.

· If you sell your claim, you get your money now. After that, waiting for FTX, watching deadlines, and connecting to a distribution service provider are all the buyer's concern. In large bankruptcy cases, this is a very common practice.

48 Hours to End a Four-Year Wait

Qredax specializes in acquiring FTX claims, and eligible claims from creditors in Mainland China and Macau are within its acquisition scope. Both the website and customer service support Chinese, and the entire process takes only three steps:

1. Submit an application. Fill out the form on the Qredax website. The assessment is free, requires no upfront fees, and submitting an application does not mean you must sell.

2. Get a quote. Qredax will review the information within one business day; if the claim is eligible for acquisition, a quote will be provided. Whether to sell is up to you.

3. Get paid. If you accept the quote, you only need to complete identity verification and sign an agreement to receive payment. According to the company, the entire transaction takes only 24 to 48 hours.

Fill out the form now, and you can learn your claim's valuation within as little as one business day. It is advisable to act early: the closer it gets to January 31, the less time there is to complete the transaction, and the higher the risk borne by the buyer — and that risk will ultimately be reflected in the price.

To learn more about why FTX payouts cannot reach Mainland China and Macau, please read the Qredax blog.