Cryptocurrency exchange FTX owes $3.1 billion to its largest creditors.

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A court document indicates that cryptocurrency exchange FTX owes its 50 largest creditors close to $3.1 billion (£2.6 billion).

Cryptocurrency exchange FTX owes $3.1 billion to its largest creditors.
Cryptocurrency exchange FTX owes $3.1 billion to its largest creditors.

 

The troubled company, which filed for bankruptcy protection in the United States this week, claims to owe approximately $1.45 billion to its top 10 creditors.

Confidence in the already unstable cryptocurrency sector was shaken by the failure of the world’s second largest crypto exchange.

Sam Bankman-Fried, the head of the exchange, resigned as a result.

 

More than a million people and businesses may be owed money as a result of FTX’s demise, as was revealed in the company’s prior bankruptcy filings.

On Saturday, FTX announced it has begun evaluating its global assets in anticipation of selling or otherwise restructuring certain operations.

 

There will be a hearing before a US bankruptcy judge on Tuesday.

Sam Bankman-Fried, the “King of Crypto,” and his dethroning.
The collapsed cryptocurrency exchange owes $1 million in customer funds.

Many analysts have cautioned that customers who have money in the exchange may only earn back a small percentage of their investment once bankruptcy proceedings are finalised, but this amount remains unknown.

John Ray, the new CEO of FTX, recently lashed out at the way the defunct cryptocurrency exchange was managed, stating he had never “seen such a catastrophic collapse of corporate controls” before.

A “total absence of trustworthy financial information” was criticised by Mr. Ray, who took over after Mr. Bankman-Fried.

Mr. Bankman-Fried expressed sorrow to the Vox news website, claiming that bankruptcy had removed financial concerns from his life.

Cryptocurrency exchange FTX owes $3.1 billion to its largest creditors.
Cryptocurrency exchange FTX owes $3.1 billion to its largest creditors.

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