- Charting the course of FTX’s restructuring has proven to be a long and complicated process, even though former Enron liquidator John J. Ray is in charge of the process.
- Wednesday’s creditor matrix includes several crypto-related companies, including Yuga Labs, Coinbase, Silvergate, Chainalysis, and Binance Capital Management.
Court filings filed late Wednesday by FTX Financial Advisors revealed details of the institutional creditors of the defunct crypto exchange. Over 100 pages in alphabetical order, the document shows how many companies have been hit hard by bankrupt cryptocurrency exchanges.
Apple and WeWork are among the technology companies mentioned in the document, with The Wall Street Journal and CoinDesk leading the list of media publications in court filings. However, the document does not specify the exact dollars that FTX owes each of these companies.
Additionally, the filing clarified that not all creditors have FTX trading accounts.
long and complicated process
Charting the course of FTX’s restructuring has proven to be a long and complicated process, even though former Enron liquidator John J. Ray is in charge of the process. Judge John Dorsey has authorized the submission of a creditor list to a Delaware court, and litigation is ongoing. In the early stages of the lawsuit, the exchange’s attorneys allege that FTX owes creditors at least $1 million.
Previous court records suggest the exchange owes $3.1 billion to its top 50 creditors. However, the document did not assign an amount to each creditor. According to separate filings, FTX owes him $400 million in unsecured debt combined with his top 10 creditors. Wednesday’s creditor matrix includes several crypto-related companies, including Yuga Labs, Coinbase, Silvergate, Chainalysis, and Binance Capital Management.
The popular social network Reddit was also named as a creditor. Reddit can be considered a cryptocurrency company after launching NFT avatars built with Polygon in 2022. Besides Silvergate Bank, other notable financial institutions mentioned in the document were Wells Fargo and Citigroup. Prominent asset management firms mentioned in this document include Sequoia Capital and BlackRock.
The creditor matrix continues
Some of the companies mentioned in the documents may have owed FTX by providing goods and services to the defunct cryptocurrency exchange. His three examples of companies that fall into this category include Netflix, Comcast and Pharmacy CV. One of the surprising observations from this document is that he had 12 creditors with his DoorDash in their name.
In addition, the creditor matrix also included several state revenue departments, such as the Alabama and Wyoming departments of revenue. Meanwhile, an unexpected inclusion in the creditor matrix is the Bahamas Treasury. The once-famous cryptocurrency exchange went bankrupt last November following a bank crackdown.
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Following liquidity issues, FTX eventually admitted that it had not fully backed its clients’ assets. FTX has filed for bankruptcy after failing to sell to fellow crypto exchange Binance. Former CEO Sam Bankman-Fried (SBF) faces financial crime allegations following the exchange’s collapse.
Authorities recently confiscated approximately $750 million worth of SBF assets that were under house arrest after meeting bail conditions.
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