FTX owes about $3 billion to its largest creditors
Recently bankrupt crypto exchange FTX owes nearly $3.1 billion to its top 50 creditors who are its customers.
The crypto exchange, which was worth $32 billion earlier this year, filed for bankruptcy after a week-long liquidity crunch. Its founder Sam Bankman Freed also stepped down as CEO.
FTX said last week that it could have more than 1 million creditors, 10 times more than the original estimate of 100,000 creditors.
FTX’s new CEO, John J. Ray, who oversaw the Enron bankruptcy in 2001, said he had never seen “such a complete ineffectiveness of corporate controls and a complete lack of reliable financial information” as at FTX.