FTX Latest – Crypto Prices Fall as Filings Show Top 50 Creditors Are Owed $3.1 Billion, 2 Owed More than $200 Million Each
A list of the top 50 creditors of the FTX group of companies has been filed with the bankruptcy court, and the sum total amounts to $3.1 billion.
The top two creditors are owed $226 million and £203 million. None of the names of the creditors are included in the list, in line with a request by FTX to shield its clients’ identity for reasons of business competitiveness.
The 50th largest creditor is owed $21.3 million.
Today’s filing uncovers the first concrete details relating to the shape of FTX companies’ liabilities, which are thought to amount to around $10 billion.
Bitcoin and other crypto prices have weakened since the news emerged, with total crypto market cap down 1.93% to $821 billion.
Bitcoin has slipped 1.2% in the past 24 hours, trading at $16.497, Ethereum is down 3% at $1,166 and Dogecoin off 6% at $0.079.
However, the poor record-keeping by FTX means that new CEO John Ray cannot be absolutely sure that the top 50 list is accurate.
Also, the delay in producing the list, which is a requirement of Chapter 11 bankruptcy proceedings, has been due to the parlous state of FTX companies’ records.
In the notice filed with the court it states; “…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 Debtors’ investigation continues regarding amounts listed, including payments that may have been made but are not yet reflected on the Debtors’ books and records. The Debtors are also working to obtain full access to customer data.”
Ray characterized governance at FTX as a "complete failure of corporate controls" and the worst he had ever seen in his career, which includes clearing up the mess
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