Skip to content Skip to sidebar Skip to footer


Financial advisors to bankrupt cryptocurrency exchange FTX finally revealed the company’s full list of institutional creditors in a filing late Wednesday. The document lists the names of the companies that FTX owes money to, providing an overview of the entities involved in the exchange’s failure.

The document, organized alphabetically and over a hundred pages long, shows how far the impact of FTX’s collapse is spreading, listing tech companies from Apple to WeWork, and several media publications such that the the wall street journal and CoinDesk.

The list does not include specific dollar amounts as to what each company in the Creditor Matrix is ​​owed, nor specific information regarding individual customers, more than 9.6 million of whom were redacted from the document. The inclusion of a company on the list does not necessarily mean that the entity had a trading account with FTX.

FTX, a once dominant player in the cryptocurrency industry, collapsed following a bank run on the stock exchange in November. The liquidity crunch forced FTX to admit that client assets were not fully collateralized, and it eventually filed for bankruptcy following a failed last attempt to sell the business to its main rival, Binance. The company’s founder, Sam Bankman-Fried, has since been arrested and charged with eight financial crimes related to the stock market crash.

So far, breaking up FTX has proven to be a long and complicated process, with former Enron liquidator John J Ray overseeing the company’s restructuring. The filing of the list of creditors was approved last Friday by Judge John Dorsey in Delaware, where the high-profile bankruptcy case continues to unfold. FTX Lawyers estimated earlier in the event that the exchange might have well over a million creditors.

Previously, court documents revealed that FTX owed its top 50 creditors $3.1 billion alone, without mentioning specific names. The specific filing made it clear that FTX’s top ten creditors alone held over $100 million each in unsecured debt.

Wednesday’s matrix includes many native companies from the digital asset industry, such as Coinbase, Binance Capital Management, Chainalysis, Yuga Labs, Doodles, and Silvergate Bank. Reddit, which rolled out Polygon-based NFT avatars to its platform last year, is also listed as a creditor.

But Silvergate is just one of many banks mentioned in the creditor matrix, which lists others like CitiGroup and Wells Fargo. Companies that had also invested in the now bankrupt company, such as Blackrock and Sequoia Capital, are also listed.

Some business examples mentioned may relate to amounts owed by FTX for goods and services. Pharmacy CVS is listed as one of the stock exchange’s creditor companies, along with Netflix and Comcast. Twelve different creditors who include Doordash in their name are listed in the matrix.

Multiple state revenue departments in the United States are also included in the creditor matrix, from Alabama to Wyoming. The credit matrix also describes the Bahamas Ministry of Finance as a creditor in the event of bankruptcy.

Stay up to date with crypto news, get daily updates in your inbox.



Source link

Leave a comment