FTX Owes More Than $3 Billion To Its 50 Biggest Creditors - SIMPLYSHAN.COM

FTX Owes More Than $3 Billion To Its 50 Biggest Creditors

Considered one of the biggest cryptocurrency exchanges, FTX went bankrupt in just a few days

Bankrupt cryptocurrency exchange FTX owes about $3.1 billion to its 50 largest creditors, according to a court document. The amounts owed to these unnamed creditors range from $21 million to $226 million.

Founded in 2019 by Sam Bankman-Fried, FTX had quickly become one of the biggest platforms in the industry and was considered one of the most trusted.

Filing for bankruptcy

But it collapsed in early November within days after rumors of its fragile financial health. FTX quickly failed to respond to withdrawal requests from its customers.

The group announced its bankruptcy filing on November 11 as well as the resignation of its boss.

The person who replaced him, John Ray III, said on Saturday that he had launched a strategic review of the assets of the group and its numerous subsidiaries in order to decide what to sell or reorganize.

In the document added to the file managed by the bankruptcy court of the State of Delaware, he specifies that the list of the 50 largest creditors and the sums due could evolve according to the information he manages to recover.

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