FTX holds more than $3 billion to 50 creditors, court filings show


Bankrupt cryptocurrency exchange FTX says it owes more than $3.1 billion to 50 largest uninsured creditors, court filings show.

On November 19, FTX filed a list of some of its largest creditors in Delaware bankruptcy court. The deposit lists the 50 largest uninsured creditors who are not insiders. While refining the names on the list, the document gives a glimpse into just how broken FTX is.

Among the 50 largest creditors, the largest claim on the list is $226 million, while the smallest is $21 million. Anyone with claims of less than $21 million did not make the list. This means that FTX’s total debt is much higher.

The ten largest stock exchange creditors alone have more than $100 million in unsecured claims. Their combined claims amount to more than $1.45 billion.

Genesis Global Capital Claim Confirmation?

The third claim on the list is $174 million, which could be from crypto lender Genesis Global Capital. While the creditor’s identity was not disclosed, the number matches. Earlier, Genesis Trading, the parent company of the lending platform, claimed to have about $175 million in closed-end funds on FTX.

FTX, which is now under the management of John J. Ray III, added a note to the listing, stating that funds are not currently available to the company.

“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 document, prepared by bankruptcy lawyers reads.

FTX also mentioned that the numbers may not be entirely accurate, as there could be payments to creditors that are not reflected in the books.

FTX motion to keep creditors confidential

Before the last filing, FTX also filed a motion requesting that the creditors’ identities not be disclosed to the public. FTX argued that knowing their funds are locked up could put creditors in a difficult position and potentially hurt their business.

“Public dissemination of the Debtors’ customer list could give the Debtors’ competitors an unfair advantage to contact and poach those customers, and would interfere with the Debtors’ ability to sell their assets and maximize value for their estates at the appropriate time,” the motion stated.

FTX was the third largest crypto exchange in the world, and its collapse could affect the entire crypto market.



Source link

Related Posts

Precaliga