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The FTX logo on a smartphone arranged in Barcelona, Spain, on November 15, 2022.
Photo: Bloomberg
Digital currencies
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Tech /  Tech Trends


EXCLUSIVE | CHINESE FTX INVESTORS SCRAMBLE TO RECOUP LOSSES, BUT BEIJING’S
ANTI-CRYPTOCURRENCY STANCE LEAVES LITTLE HOPE

 * CRYPTO INVESTORS WITH THOUSANDS OF DOLLARS STUCK IN FTX ARE LEFT WITH LITTLE
   CHANCE FOR REMEDY IN A COUNTRY THAT HAS BANNED THE DIGITAL ASSETS
 * CHINA WAS THE THIRD-LARGEST MARKET FOR FTX, WHICH CONTINUED ACCEPTING CHINESE
   PASSPORTS FOR VERIFICATION AFTER BEIJING SUGGESTED SERVING CITIZENS WAS
   ILLEGAL

Digital currencies
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Coco Feng in Beijing
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Published: 6:30pm, 6 Dec, 2022

Updated: 6:30pm, 6 Dec, 2022


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The FTX logo on a smartphone arranged in Barcelona, Spain, on November 15, 2022.
Photo: Bloomberg

Mainland Chinese FTX customers are seeking remedy to lost funds after losing
thousands of dollars in unprotected investments on the now-bankrupt
cryptocurrency exchange, which had 8 per cent of its users in the country
despite local laws banning the trade.

One investor, who declined to be named, said he joined three WeChat groups last
month, each consisting of more than 400 Chinese victims desperately in search of
possible remedies, but all the groups were dissolved within days, as discussions
of cryptocurrency-related topics are strictly censored on Chinese social media
platform.

Another FTX user turned to uncensored platforms like Telegram, which is blocked
in China, but he found only one group with just eight members, and the
conversation was inactive. He currently has US$15,000 stuck in FTX, he said, and
he does not expect to see his money again.

CHINA’S CRYPTO FANS MAKE UP 8 PER CENT OF FTX CUSTOMERS, DEFYING BEIJING’S BAN
26 NOV 2022


Both investors have long engaged in cryptocurrency trades on their own because
letting others know could result in legal investigations or even charges under
Chinese regulations. For these reasons, they asked for anonymity.


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