• FTX creditors in several countries, China, Russia and Ukraine included, unable to participate in claims.
• The FTX bankruptcy estate is however said to be evaluating options.

The FTX estate has begun its creditor repayments that could see more than $16 billion go to eligible creditors across the globe.

However, as FTX creditor Sunil Kavuri noted in a post on X on Feb. 21, the bankrupt crypto exchange is temporarily unable to process distributions to creditors in multiple countries.

In the post Sunil shared, FTX creditors in several countries, including Russia, China, Ukraine, Nigeria and Egypt are currently unable to participate in the distributions.

FTX Claims

A lot of claims are from Jurisdictions not eligible for FTX distributions at the moment which include:

Russia, China, Egypt, Nigeria, Ukraine

FTX is reviewing options

China is the largest with 8% of customers pic.twitter.com/Ts1iToqhAL

— Sunil (FTX Creditor Champion) (@sunil_trades) February 21, 2025

What happens next?

This ineligibility cuts across five regions, with China accounting for the largest share of customers at 8%. Per some user commentary, some Chinese users have reported “disputed status” claims, which Sunil says is also part of the temporarily unavailable distributions.

Notably, the FTX estate is reportedly evaluating its options

FTX announced the commencement of the initial distributions to the group of customers dubbed “Convenience Classes.” This group, in FTX’s Chapter 11 reorganization plan, are those with claims under $50,000. In its announcement on February 18, 2025, FTX said customers would receive their distributions within 1-3 business days.

According to the collapsed exchange’s bankruptcy estate, customers who miss this initial distribution will have to wait until May 30, 2025.

“The next record date for Convenience Claims that have become allowed since the initial record date and have not received their distribution is set for April 11, 2025. The Next Distribution is expected to commence on May 30, 2025,” they posted on X.

FTX imploded in November 2022, with founder & CEO Sam Bankman-Fried later arrested and charged. He was found guilty in November 2023 and sentenced to 25 years for defrauding customers and investors.

• The “Digital Entertainment City Namba” will be the world’s first smart city integrating AI, XR and DePIN.
• Mawari will deploy edge computing and rendering devices across Nankai’s properties for decentralized streaming.
• Nankai Electric Railway rail network spans over 100 stations across multiple lines in Japan.

In a groundbreaking collaboration, Mawari, a leader in spatial computing and decentralized physical infrastructure networks (DePIN), has partnered with Nankai Electric Railway Co., Ltd., Meta Osaka Co., Ltd., and e-stadium Co., Ltd. to create the “Digital Entertainment City Namba.”

This ambitious urban development project, set to unfold in Osaka, Japan, promises to be the world’s first fully integrated ecosystem combining artificial intelligence (AI), extended reality (XR), and DePIN technologies at a city-wide scale.

The partnership brings together complementary strengths. Meta Osaka contributes strategic innovation and localized expertise, ensuring the project aligns with the region’s unique cultural and economic fabric.

On the other hand, e-stadium, a Nankai Group company, leverages its focus on e-sports and community engagement to address social challenges and foster a thriving digital culture. Together, these organizations are laying the groundwork for a smart city that integrates advanced technology with everyday life.

Mawari’s role is pivotal, deploying edge computing and rendering devices across Nankai’s properties to deliver decentralized streaming infrastructure. This setup brings computation closer to users, minimizing delays and enabling real-time interactions with 3D AI agents that possess both “body and soul,” as described by the company. The result is a scalable, efficient system capable of supporting a wide range of applications, from entertainment to practical services.

For Mawari, the project represents a milestone in its mission to democratize AI-driven immersive experiences. According to the CEO Luis Oscar Ramirez, “Uniting AI, XR, and DePIN in ‘Digital Entertainment City Namba’ is a landmark moment for the entire industry, demonstrating a clear path to mass adoption with tangible social impact.”

A visionary fusion of technology and urban life

At the heart of the “Digital Entertainment City Namba” project is Mawari’s pioneering technology, which powers real-time 3D streaming of lifelike AI-driven avatars. These avatars, rendered with minimal latency, offer a new level of immersion and interactivity, capable of performing tasks such as guiding tourists, assisting customers, and facilitating human-like communication across language barriers.

Notably, the project builds on Mawari’s extensive experience, having successfully executed over 50 XR projects worldwide since 2019.

By integrating AI, XR, and a decentralized network of edge computing devices, the Digital Entertainment City Namba will transform Nankai’s railway stations and properties into vibrant digital hubs that seamlessly merge virtual and physical experiences.

Founded in 1885, Nankai Electric Railway is one of Japan’s oldest private rail operators, with a network spanning over 100 stations across multiple lines, including connections to Kansai International Airport and the Koyasan World Heritage Site.

Traditionally a transportation powerhouse, Nankai is now embracing a bold vision to evolve its infrastructure beyond mere transit points. Under the leadership of President and COO Nobuyuki Okajima, the company has been working since 2023 to reimagine the Namba area as an “ENTAME-DIVER-CITY” — a dynamic hub of entertainment and co-creation.

This vision gained momentum with the opening of the e-Stadium Namba Main Branch, an e-sports facility, in August 2024 at Namba Parks, a commercial complex operated by Nankai. The addition of Tsutenkaku, a historic Osaka landmark, to the Nankai Group in December 2024 further expands the scope of this digital transformation.

Through the Digital Entertainment City initiative, Nankai aims to weave immersive experiences such as virtual idols, anime characters, and interactive storytelling into these physical spaces, creating a next-generation entertainment ecosystem.

Projected impact of the Digital Entertainment City Namba

The Digital Entertainment City Namba is poised to make a significant impact across multiple sectors.

For tourism, the project taps into Japan’s growing inbound travel market, which saw 23 million foreign visitors in 2023. Multilingual 3D guides and XR content will offer tourists intuitive navigation and immersive cultural experiences, boosting local businesses and elevating Osaka’s global appeal.

Beyond tourism, the initiative addresses Japan’s looming labour shortage, projected to reach 11 million workers by 2040, by creating flexible, remote work opportunities. AI-driven avatars will enable diverse groups, including caregivers, seniors, parents, and people with disabilities, to participate in industries like customer service and tourism through immersive interfaces.

This inclusive approach not only enhances accessibility but also aligns with Japan’s need for innovative workforce solutions.