FTX Bankruptcy Filing Reveals Exchange’s Huge Debt

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A court document submitted by FTX Trading Ltd. on Nov 20 revealed a debt of nearly $3 billion to its top 50 creditors. It is reported to be a part of the company’s filings of Chapter 11 bankruptcy proceedings and was submitted through the United States bankruptcy court for the district of Delaware.

Based on the filing, it appears that FTX owes more than $226 million to one person, with the rest of the outstanding money falling somewhere between $21 and $203 million. There is no way of knowing who the creditors are or where they are located because such details has been removed.

The document explained that “the Top 50 List is based on the Debtors’ currently available creditor information, including customer information that was able to be viewed but is not otherwise accessible at this time.” 

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It was also revealed that “the Debtors’ investigation continues regarding amounts listed, including payments that may have been made but are not yet reflected on the Debtors’ books and records. The Debtors are also working to obtain full access to customer data.”

The Bankruptcy Of FTX

On November 11, FTX submitted a petition for bankruptcy under Chapter 11 as a result of its dramatic drop. At that time, the firm made the announcement that it had appointed a new Chief Executive Officer, John J. Ray III, to manage the proceedings, and that the company’s previous CEO, Sam Bankman-Fried, had stepped down from his position.

“The immediate relief of Chapter 11 is appropriate to provide the FTX Group the opportunity to assess its situation and develop a process to maximize recoveries for stakeholders. […] The FTX Group has valuable assets that can only be effectively administered in an organized, joint process,” the present CEO of FTX asserts.

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Moreover, the filings that followed the initial declaration have led some people to predict over the course of the time, that FTX may have a total of more than one million creditors.

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