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Bankrupt crypto exchange FTX owes top creditors more than $3 billion

The failed cryptocurrency exchange FTX owes more than $3 billion to its largest creditors, the company disclosed in a court filing over the weekend.

Topics
crypto trading | cryptocurrency

AP  |  New York 



Photo: Bloomberg
Photo: Bloomberg

The failed exchange FTX owes more than $3 billion to its largest creditors, the company disclosed in a court filing over the weekend.

The list of the top 50 unsecured claims against FTX gives the public a first glance into the amount of money Sam Bankman-Fried's companies may owe his customers. The top claim was more than $226 million.

The names, addresses and other information about the claims was redacted by the court.

Bahamas-based FTX filed for bankruptcy on Nov. 11 after the exchange acknowledged that it had used customer funds to cover bad bets by Bankman-Fried's trading arm, Alameda Research.

Since it went into bankruptcy, the lawyers tasked with sorting through the aftermath have described in court filings a company that little risk controls and would use company funds to pay for personal purchases of its employees.

Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here, said John Ray III, the new CEO of FTX, in a court filing.

FTX's lawyers will appear in bankruptcy court on Tuesday for the first hearings.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)


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First Published: Mon, November 21 2022. 23:38 IST

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