Bankrupt crypto exchange FTX owes its top 50 creditors about $3 billion

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The logo of FTX is seen at the entrance of the FTX Arena in Miami, Florida, U.S., November 12, 2022.
FTX filed for chapter on November 11 after every week in a liquidity disaster.

  • Bankrupt crypto exchange FTX owes its 50 largest creditors almost $3.1 billion.
  • All 50 of FTX’s largest creditors are clients. The largest creditor is owed greater than $226 million.
  • Collectively, FTX owes about $1.45 billion to its top 10 creditors.

Bankrupt crypto exchange FTX owes its 50 largest creditors almost $3.1 billion, in accordance with a Saturday courtroom submitting seen by Insider.

The exchange — which was price $32 billion earlier this 12 months — filed for Chapter 11 bankruptcy on November 11, after every week of liquidity disaster. Its 30-year-old founder Sam Bankman-Fried additionally resigned as CEO.

All 50 of FTX’s largest creditors are clients. The single largest creditor is owed greater than $226 million, in accordance with the Saturday submitting. Its second largest creditor can also be owed over $200 million, whereas one other eight are owed over $100 million every. Collectively, FTX owes about $1.45 billion to its top 10 creditors, in accordance with the redacted checklist.

Last week,  FTX stated it could have over 1 million creditors — 10 occasions greater than its preliminary estimate of 100,000 creditors.

FTX’s new CEO John J. Ray —  who oversaw the chapter of Enron in 2001 — stated he had by no means seen “such a complete failure of corporate controls and such a complete absence of trustworthy financial information” as at FTX.

FTX  stated in a press launch on Saturday it was launching a “strategic review” of its world property, and is making ready for the sale or reorganization of a few of its companies.

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“I have instructed the team at the FTX Debtors to prioritize the preservation of franchise value as best we can in these difficult circumstances,” Ray stated in its Saturday press launch.

Read the unique article on Business Insider

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