November 21, 2022

FTX Owes over $3 Bln to Top 50 Creditors Only



FTX Trading LTD owes more than $3 billion to its top 50 creditors, a document revealed.

The document was a part of FTX’s filing process to the United States bankruptcy court for the district of Delaware about Chapter 11 bankruptcy proceedings, according to Coin Telegraph.

According to the document, FTX owes more than $226 million to its top creditor, while other sums of money are ranging between $21 million and $203 million.

Information about the identity of the creditors, or their addresses, telephone numbers, or e-mail addresses is unknown. Investigations are underway to get any of this information.

“The Top 50 List is based on the Debtors’ currently available creditor information, including customer information that was able to be viewed but is not otherwise accessible at this time. The Debtors’ investigation continues regarding the amounts listed, including payments that may have been made but are not yet reflected on the Debtors’ books and records. The Debtors are also working to obtain full access to customer data,” the document said.

The filings following the initial announcement of FTX’s bankruptcy claimed that FTX has more than one million creditors.

FTX, once valued at $32 billion, collapsed in a matter of days after the CEO of Binance, a rival firm, said his exchange would liquidate its FTT tokens, a matter that led to the plunge of FTT value. FTX filed for Chapter 11 bankruptcy on November 11.

Earlier, Ripple CEO Brad Garlinghouse voiced his interest in purchasing companies owned by FTX after being collapsed with a focus on businesses that served business customers. In addition, Ripple eyes FTX employees who are involved in compliance, finance, or business ethics.

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