HomeTechFTX Exchange Owes Its Largest Creditors $3.1 Billion

FTX Exchange Owes Its Largest Creditors $3.1 Billion

FTX exchange owes the creditors of its 50 most enormous debt obligations around $3.1 billion (~$2.6 billion), according to a filing.

To save itself from further collapse, the embattled organization that filed for liquidation in the United States last week says it has $1.45 billion to its highest 10 creditors but has not mentioned any specifics.

The collapse of the second-largest crypto exchange in the world’s crypto market shook confidence in the marketplace.

It also led to exchange boss Sam Bankman-Fried stepping down.

Before its collapse, FTX’s previous bankruptcy recorded 1 million businesses and individuals that could be owed money.

FTX’s management considered going ahead with the sale of or restructuring a number of its businesses on Saturday.

A court hearing will be held on Tuesday before a US bankruptcy judge.

How many people who have funds in a bankruptcy proceeding can recover them remains unknown.

Numerous experts have advised that they may receive only a fraction of what they invested into the firm.

Last week, the new CEO of failing crypto exchange FTX asked to be excused for his lack of leadership at work, lamenting that the exchange had “never” witnessed “such a complete failure of corporate controls.” Mr. Ray, who took over on the part of Mr. Bankman-Fried, criticized a “complete absence of trustworthy video documentation” at FT X.

Mr. Bankman-Fried regrets filing for bankruptcy, claiming it was largely him out of financial control. He also expressed his disgust toward financial regulators.


Please enter your comment!
Please enter your name here

Must Read