Just realized something pretty wild about the FTX situation that most people probably don't know about. Nearly three years after the collapse, Chinese creditors—and we're talking about over 80% of the restricted assets here—are still locked out of the $1.6 billion compensation payout. That's thousands, maybe tens of thousands of people just sitting in the dark.

I connected with Will recently, who's been leading the charge for these Chinese creditors since July. His story is honestly eye-opening. Turns out, after the July hearing, some overseas Chinese residents with Chinese passports managed to recover funds by updating their KYC information—changing residence proof, modifying tax forms, that kind of thing. But here's the problem: most people don't even know this is possible. The information gap is massive.

What really got my attention though is what Will discovered about FTX Trust's power. Until January 2026, they could literally mark any account as "disputed" without explanation. No reason, no transparency. And get this—most of the lawyers handling the bankruptcy were the same people who originally set up FTX's user agreements. It's like asking the suspect to investigate themselves.

But there's been a turning point. Judge Owens started asking some hard questions at the October hearing. He basically called out FTX Trust: "Why can BlockFi and Celsius pay Chinese creditors just fine, but you can't?" He even mentioned that Iran got paid, so why not China? The judge ordered them to reconsider the restricted country list entirely.

Will told me he's paying for everything himself—his last motion cost $60,000—specifically to avoid any questions about his credibility. He's not accepting donations because he knows FTX Trust would use that against him. He even hired his own court translator when FTX ignored the judge's recommendation.

The kicker? Debt acquisition companies are buying up claims at rock-bottom prices, creating panic through exaggerated reports. If they eventually get 170% compensation while buying at 110%, the profit margins are insane. Meanwhile, ordinary creditors in China are selling their claims for pennies because they're desperate.

What struck me most was Will saying some people in the group have their entire life savings locked up—$30,000 to $40,000 they accumulated over decades. Asking them to spend another $10,000 to $20,000 just to emigrate and access their own money is unrealistic.

If you're a Chinese creditor affected by this, Will's pushing everyone to follow his Twitter (@zhetengji) and stay informed. The FTX case might finally be shifting, but only if enough people actually show up and make noise. This isn't over.