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FTX says it owes more than $3 billion to creditors
Source: Washington Post
FTX, the cryptocurrency exchange that collapsed amid a liquidity crisis earlier this month, owes creditors at least $3 billion, it said in a new court filing.
And 10 of its creditors are owed at least $100 million.
The revelations, which came in a filing to U.S. Bankruptcy Court in Delaware late Saturday, offer a striking portrait of the sheer number of entities that had considerably invested in, lent money to or otherwise engaged with a three-year-old company that had done little to demonstrate it could properly safeguard the assets entrusted to it. Its top 50 creditors are owed a total of $3.1 billion, the filing showed, with the largest due $226 million.
The names of the creditors were redacted. But what is known is that over its short history, FTX had received capital from a slew of investment firms, including Sequoia Capital, BlackRock and Tiger Global, as well as entities such as the Ontario Teachers’ Pension Plan.
And 10 of its creditors are owed at least $100 million.
The revelations, which came in a filing to U.S. Bankruptcy Court in Delaware late Saturday, offer a striking portrait of the sheer number of entities that had considerably invested in, lent money to or otherwise engaged with a three-year-old company that had done little to demonstrate it could properly safeguard the assets entrusted to it. Its top 50 creditors are owed a total of $3.1 billion, the filing showed, with the largest due $226 million.
The names of the creditors were redacted. But what is known is that over its short history, FTX had received capital from a slew of investment firms, including Sequoia Capital, BlackRock and Tiger Global, as well as entities such as the Ontario Teachers’ Pension Plan.
Read more: https://www.washingtonpost.com/business/2022/11/20/ftx-crypto-bankruptcy-creditors/
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