FTX owes over $3 billion to its 50 biggest collectors: Bankruptcy filing

According to a courtroom filing on Nov. 20, FTX Trading LTD owes its prime 50 collectors over $3 billion USD. The doc, which was submitted by means of the United States chapter courtroom for the district of Delaware, was filed as a part of the corporate’s Chapter 11 chapter proceedings.

The filing indicated that FTX owes the highest particular person alone in extra of $226 million USD, with all others owed sums roughly ranging between $21 million and $203 million. The collectors’ identities are unknown, and their areas undisclosed. The doc defined:

“The Top 50 List is predicated on the Debtors’ presently accessible creditor data, together with buyer data that was ready to be seen however shouldn’t be in any other case accessible at the moment. The Debtors’ investigation continues concerning quantities listed, together with funds which will have been made however are usually not but mirrored on the Debtors’ books and information. The Debtors are additionally working to get hold of full entry to buyer knowledge.”

Following its fast collapse, FTX filed for Chapter 11 chapter on Nov. 11. The firm introduced at the moment that it had employed a brand new CEO, John J. Ray III, to oversee the proceedings, and that the corporate’s former CEO Sam Bankman-Fried had resigned from his place.

Ray said on the time, “The instant aid of Chapter 11 is acceptable to present the FTX Group the chance to assess its scenario and develop a course of to maximize recoveries for stakeholders. […] The FTX Group has priceless property that may solely be successfully administered in an organized, joint course of.”

The filings following that preliminary announcement have since speculated that FTX could have over 1 million collectors whole.