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

Added 11-21-22 02:14:03am EST - “The exchange ?" worth $32 billion just earlier this year ?" filed for Chapter 11 bankruptcy on November 11, after a week of turmoil.” - Markets.businessinsider.com

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Posted By TheNewsCommenter: From Markets.businessinsider.com: “Bankrupt crypto exchange FTX owes its top 50 creditors about $3 billion”. Below is an excerpt from the article.

Bankrupt crypto exchange FTX owes its 50 biggest creditors nearly $3.1 billion, according to a Saturday court filing seen by Insider.

The exchange — which was worth $32 billion earlier this year — filed for Chapter 11 bankruptcy on November 11, after a week of liquidity crisis. Its 30-year-old founder Sam Bankman-Fried also resigned as CEO.

All 50 of FTX's largest creditors are customers. The single biggest creditor is owed more than $226 million, according to the Saturday filing. Its second largest creditor is also owed over $200 million, while another eight are owed over $100 million each. Collectively, FTX owes about $1.45 billion to its top 10 creditors, according to the redacted list.

Last week,  FTX said it may have over 1 million creditors — 10 times more than its initial estimate of 100,000 creditors.

FTX's new CEO John J. Ray —  who oversaw the bankruptcy of Enron in 2001 — said he had never seen "such a complete failure of corporate controls and such a complete absence of trustworthy financial information" as at FTX.

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