FTX Owes 50 Biggest Unsecured Creditors $3B, Over 1M Creditors May Be Involved – FTX Token (FTT/USD)

Sam Bankman-Friedsnow-defunct cryptocurrency exchangeFTXFTT/USD owes its 50 biggest unsecured creditors over $3.1 billion, with a pair of clients being owed over $200 million each, a recent court filing has revealed.

What Happened:According toBloomberg, FTX-linked entities owe their single largest unsecured creditor more than $226 million. The documents show that all of them are listed as customers, and 10 have claims of more than $100 million.

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Among the creditors, whose identities and locations were not disclosed, 50 of the largest claims are owed over $21 million by FTX, the report said.

Why It Matters:In insolvency proceedings, bankrupt companies must disclose information about their debts in the US. FTX’s creditors will have the opportunity to weigh in on the best way for the firm to repay its debts as the bankruptcy unfolds.

Lawyers for FTX said in preliminary court papers that the firm has assets and liabilities of at least $10 billion each. According to FTX lawyers, more than one million creditors may be involved in the case.

Price Action:FTT is currently trading at $1.30, down 10.72% at the time of writing,according to Benzinga Pro.

Read Next:Bitcoin, Ethereum, Dogecoin Tumble: Analyst Sees Another Bear Rally As FTX Fallout Continues To Roil Crypto Market

Source: Benzinga



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