Embattled cryptocurrency exchange FTX owes more than $3 billion to its top 50 creditors.
A filing from its Chapter 11 bankruptcy protection proceedings on Saturday revealed the amount owed the unidentified creditors, with the biggest being slightly more than $225 million. According to the filing, its top 10 creditors come in at just under $1.45 billion. In total, it added up to almost $3.1 billion. The list did not include names.
A list of creditors holding the 50 largest unsecured claims must be filed in a Chapter 11 or Chapter 9 proceeding, the filing said. Still, it stressed that the amounts listed are subject to further investigation.
“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 filing said. “The Debtors’ investigation continues regarding amounts listed, including payments that may have been made but are not yet reflected on the Debtors’ books and records. “
Previously, a filing indicated that the company may have more than a million total creditors.
FTX filed for Chapter 11 bankruptcy protection about two weeks ago, citing somewhere between $10 billion and $50 billion in assets and liabilities, as well as more than 100,000 creditors. A Financial Times report said that FTX had only $900 million in liquid assets against $8.9 billion in liabilities on the eve of bankruptcy.
Previous filings have highlighted “a complete failure of corporate controls” at the company.
Source: The Block