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.

AccessTimeIconNov 21, 2022 at 3:47 a.m. UTC
Updated May 9, 2023 at 4:03 a.m. UTC
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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.

FTX-creditors.png

“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.

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