Collapsed FTX owes nearly $3.1 billion to top 50 creditors

CNN Business

Cryptocurrency exchange FTX, which has filed for US bankruptcy court protection, said it owed its 50 largest creditors nearly $3.1 billion.

The exchange owes about $1.45 billion to its top ten creditors, it said in a court filing on Saturday, without naming them.

FTX and its affiliates filed for bankruptcy in Delaware on Nov. 11 in one of the most publicized crypto blasts, leaving around 1 million customers and other investors facing multi-billion dollar total losses.

The crypto exchange said on Saturday that it had launched a strategic review of its global assets and was preparing for the sale or reorganization of certain businesses. A hearing on FTX’s so-called first-day motions is scheduled for Tuesday morning before a U.S. bankruptcy judge, according to a separate court filing.

The rapid collapse of FTX marked a staggering downfall for one of the largest and most powerful players in the crypto industry.

There could be more than a million creditors in U.S. cases already filed, FTX Group said, adding it had been in contact with “dozens” of U.S. and international regulators, including the attorney’s office. American, the United States Securities and Exchange Commission. and the Commodity Futures Trading Commission.

Meanwhile, authorities in the Bahamas – where FTX is based – are investigating whether criminal misconduct occurred in connection with the company’s implosion, the Royal Bahamas Police said in a statement on Sunday. Bahamian authorities have also taken control of cryptocurrency assets held by FTX Digital Markets, the Bahamas-based FTX unit that filed for Chapter 15 bankruptcy on Tuesday.

The Bahamian Securities Commission announced late Thursday that it had ordered the transfer of all digital assets from FTX Digital Markets and that those assets were being transferred to a digital wallet controlled by the Bahamian regulator for “custody.”

– CNN’s Matt Egan, Chris Isidore and Allison Morrow contributed to this report.


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