A recent court filing in FTX’s bankruptcy case on Monday has revealed a list of creditors of the firm. According to the list, Alameda Research owes over $55,000 to a Margaritaville Beach Resort in the Bahamas.
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Other creditors on the list include Amazon Web Services ($US4.7 million), and Bloomberg Finance ($80,256), amongst others.
Aside from these companies, BlockFi happens to be the first known creditor of FTX’s sister trading firm, Alameda Research. Alameda defaulted in its $US680 million collateralized loan obligations owed to BlockFi. Unfortunately, the defaulted loan has caused great harm to the crypto lender as it has filed for Chapter 11 bankruptcy.
The sudden collapse of the FTX platform is one that came as a rude shock to the industry. Several investors were left in the cold as they grappled with the fallout effect. Hence the debts incurred by Alameda and FTX reveals that the company had no fund nor had plans to mitigate any risk.
Meanwhile, an increase in volatility caused the crash of the SBF”s empire leaving it with a huge debt that will be paid back with additional loans and liquidation of its assets.
A few days ago, a result from an analysis published by a blockchain firm showed that Alameda successfully withdrew $204 million from the exchange’s US arm.
Surprisingly this event occurred before the exchange and its associates filed for bankruptcy and with proper investigation, it was discovered that Alameda withdrew almost all the funds of the exchange.
SBF and other FTX executives mismanaged funds
Since filing for bankruptcy, there have been claims that other executives mismanaged funds.
A recent investigation showed that SBF’s parents and other executives acquired luxurious properties in the Bahamas worth $121 million. Also, SBF reportedly pocketed $300 million from the exchange’s $420 million raised in October 2021. The former CEO claimed the sum was a partial reimbursement of acquiring stakes owned by Binance in FTX.
John Ray III has since replaced SBF to oversee the firm’s bankruptcy proceedings. John has described the firm’s fall as unprecedented and questioned SBF’s handling of the firm’s finance.
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