Revelations continue to surface at fallen crypto exchange FTX with the latest court filing showing billions of dollars owed to dozens of creditors.
FTX said it owes its 50 largest creditors nearly $3.1 billion, according to a filing submitted to a US bankruptcy court in Delaware, without disclosing any names. The top 10 creditors alone account for $1.45 billion of the liabilities.
This marks the latest development in what was once the world’s third-largest cryptocurrency exchange before filing for bankruptcy earlier this month.
FTX has also launched a global strategic review and is preparing for the sale or reorganization of some businesses. Its newly appointed chief executive John J Ray III authorized the Chapter 11 filing and, upon review, said he had never seen such a «complete failure» of corporate controls and «absence of trustworthy financial information».
A hearing for FTX’s first-day motions is scheduled for next Tuesday before a U.S. bankruptcy judge.
