Collapsed FTX owes nearly $3.1 billion to top 50 creditors - CNN

CNN Business  — 

Cryptocurrency exchange FTX, which has filed for US bankruptcy court protection, said it owes its 50 biggest 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 highest-profile crypto blowups, leaving an estimated 1 million customers and other investors facing total losses in the billions of dollars.

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

FTX’s rapid collapse marked a stunning downfall for one of the biggest and most powerful players in the crypto industry.

There could be more than 1 million creditors in the US cases that are already filed, FTX Group said, adding that it has been in touch with “dozens” of US and international regulatory agencies including the US Attorney’s Office, the US Securities and Exchange Commission and the Commodity Futures Trading Commission.

Meanwhile, authorities in the Bahamas — where FTX is based — are investigating whether any criminal misconduct occurred related to the company’s implosion, the Royal Bahamas Police Force said in a statement last Sunday. The 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 protection Tuesday.

The Securities Commission of The Bahamas announced Thursday night that it had directed the transfer of all digital assets of FTX Digital Markets and that those assets are being transferred to a digital wallet controlled by the Bahamas regulator for “safekeeping.”

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

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2022-11-20 20:05:00Z
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