FTX Owes Its Largest Creditor $226M; Top 50 Owed Total of About $3.1B
A court document filed over the weekend doesn't name the creditors.
FTX’s largest creditors have claims ranging from hundreds of millions to tens of millions of dollars, according to a recently filed court document.
This document shows that of FTX’s estimated 1 million creditors, the largest single claim is for $226 million and the second is for $203 million. The identities of these creditors are not named, but collectively they are owed approximately $3.1 billion.
“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,” the document, prepared by bankruptcy lawyers, reads. “The Debtors’ investigation continues regarding the 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.”
FTX has engaged Sullivan & Cromwell as well as Landis Rath & Cobb as bankruptcy lawyers.
Sullivan & Cromwell is known for its bankruptcy work on Eastman Kodak and Nortel Networks. The firm was also engaged as counsel for FTX on the acquisition of Voyager Digital’s assets when it declared bankruptcy earlier this year, but has since removed promotional materials from its site advertising a relationship with FTX.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.