FTX Owes 50 Creditors $3 Billion and May Have 1 Million Other Creditors

FTX CEO Sam Bankman-Fried
FTX CEO Sam Bankman-Fried

Embattled cryptocurrency exchange FTX owes its creditors $3 billion, according to a new filing over the weekend.

A list of FTX’s top 50 unsecured creditors, which excludes their names and other identifiable information, shows that the largest of them all is owed more than $226 million. The second-biggest unsecured creditor is claiming over $203 million in unpaid debts from FTX.

In total, the unsecured claims amount to $3.1 billion. FTX may have more than 1 million creditors, according to an earlier bankruptcy filing.

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FTX, once valued at $32 billion, collapsed in a matter of days after the CEO of Binance, a rival firm, said his exchange would liquidate its FTT tokens. FTT, the native token of FTX, plunged as a result, leading to a liquidity crunch at FTX.

In a damning account of FTX’s demise last week, its new CEO John Ray III said many of the FTX group companies “did not have appropriate corporate governance.”

Bank of England Deputy Governor Jon Cunliffe said the FTX debacle has added greater impetus for regulators to act on crypto.