Free quotation, Qredax acquires FTX debt, and completes the transaction as soon as 24 hours.
In the past two years, FTX creditors in most countries and regions have gradually received their funds back, but creditors in mainland China and Macau have not received any money yet. Rather than waiting passively, it is better to take the initiative.
Focus on: risks and solutions
Users cannot receive compensation. Currently, FTX does not allow residents of mainland China and Macau to choose payment service providers. Even if your debt has been approved, it cannot be cashed out. This situation has been going on for a year and a half, always unresolved.
The deadline is approaching, January 31, 2027. Creditors who have not connected to a collection service provider before this time may lose the right to receive full compensation.
No way to get paid + Deadline = Potentially losing money and never getting it back this time.
Solution: Sell your debt before the deadline. This is a great way to get cash quickly right now. Transactions only take 24–48 hours.
In November 2022, FTX was heavily in debt; in January 2025, FTX's bankruptcy and reorganization plan officially came into effect, and five rounds of compensation have been carried out so far.
However, if the residential address registered in the user’s FTX account is in mainland China or Macau, the compensation process will be stuck at step 8 – even if the user has completed identity verification (KYC), submitted tax forms, and the claim has been approved.
Step 8 requires selecting a payment service provider. FTX only cooperates with BitGo, Kraken, and Payoneer, and displays optional service providers according to the country or region of residence registered by the user. For residents of mainland China and Macau, none of the three companies are displayed. As for when it will change, FTX did not specify, only promising to "add new service providers."
Compensation countdown begins
FTX writes very straightforwardly on the “Help Page” for creditors: Creditors who have not connected to the collection service provider before January 31, 2027, “may lose the right to receive compensation.” For creditors in mainland China and Macau, this is a joke: they must be connected on time, but there is nowhere to connect.
In 2022, users have already lost money once. Now, according to FTX's own rules, users may lose again.
This is not alarmist. The similar deadline for a previous round of compensation has passed, and FTX has made it clear that those who fail to complete the payment after the deadline will permanently lose that round of compensation. No one knows whether FTX will be lenient to creditors who have no access at all. There are no guarantees.
As early as 2025, FTX tried to cancel the compensation rights of creditors in mainland China through the court, but failed. This time, FTX has set a date - January 31st, and will not wait until the expiration date.
Want to know how much your debt is worth now? Simply enter the 8-digit code from Kroll’s email, which can also be found in your FTX account, into the Qredax calculator.
How to get money without waiting for FTX?
You can continue to wait, but the reality is very unfavorable to you: as early as more than a year and a half ago, creditors in mainland China were excluded from the first round of compensation; since then, there have been four rounds, and there are still no collection service providers in mainland China and Macau.
There are now less than four months left before January 31st. Expecting FTX to do something in four months that it has not been able to do in the past year and a half is tantamount to betting your own money against the facts, and it is tantamount to seeking defeat.
Let’s do the math:
· If you continue to wait and FTX never opens compensation to mainland China and Macau, users may lose all the assets trapped in the exchange and never get them back.
· If you sell the debt, the money will be available now. After that, it is the buyer's business to wait for FTX, pay attention to the deadline, and deal with the payment service provider. This is a common practice in large bankruptcies.
48 hours, end of four years of waiting
Qredax focuses on FTX debt acquisition business, and eligible claims from mainland China and Macau creditors are also included in the acquisition scope. Both the website and customer service support Chinese, and the entire process only requires three steps:
1. Submit your application. Fill out the form on the Qredax website. The appraisal is free, there is no upfront cost, and submitting an application does not mean you have to sell.
2. Get a quote. Qredax will review the information within one working day; if the claim qualifies for acquisition, an offer will be made. It's up to you to sell or not.
3. Collection. If you accept the offer, simply complete identity verification, sign the agreement, and receive your payment. According to the company, the entire transaction takes only 24 to 48 hours.
Fill out the form now and find out how your debt is valued in as little as one business day. It’s recommended to act early: the closer to January 31st, the less time there is to complete the deal and the higher the risk the buyer takes on – and that risk will ultimately be reflected in the price.
To learn more about why FTX payouts are not available in Mainland China and Macau, read the Qredax blog.