FTX Snubs Nigeria and China in Creditor Payouts—But Payoneer Makes the Cut

Another day, another selective bailout in crypto''s never-ending saga of ''who gets paid and who gets ghosted.''

FTX''s repayment plan quietly sidelines two of the world''s largest markets—Nigeria and China—while rolling out the red carpet for payment processor Payoneer. Priorities, right?

No numbers disclosed (classic), but the message is clear: some creditors are more equal than others. Just don’t ask who’s holding the spreadsheet.

Closing thought: If bankruptcy had a VIP section, at least Payoneer remembered the dress code—black ink only.

FTX creditors in Nigeria and China remain excluded

Despite adding Payoneer to the distribution process, FTX’s repayment reach remains incomplete.

Thomas Braziel, a specialist in FTX claims at 117 Partners, pointed out that the new channel primarily benefits customers in India, Indonesia, Japan, and select US states where restrictions on crypto custodians previously blocked payouts.

He furthered that many FTX creditors in key markets like Russia, China, Egypt, and Nigeria remain sidelined from the ongoing repayment process.

Interestingly, creditors from these countries made up a significant portion of FTX’s user base before its collapse. For context, FTX’s data shows that creditors from China alone represent 8% of total claims.

The ongoing lack of access for these regions highlights persistent gaps in FTX’s global asset recovery, raising concerns about fairness and transparency as the process progresses.