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Home News Collapsed FTX owes nearly $3.1 billion to top 50 creditors

Collapsed FTX owes nearly $3.1 billion to top 50 creditors

by Uma Rajagopal
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2022 11 20T174935Z 3 LYNXMPEIAJ02L RTROPTP 4 FINTECH CRYPTO FTX LAWSUIT

(Reuters) -Cryptocurrency exchange FTX, which has filed for U.S. bankruptcy court protection, said it owes its 50 biggest creditors nearly $3.1 billion.

The exchange owes about $1.45 billion to its top ten creditors, it said in a court filing on Saturday, without naming them.

FTX and its affiliates filed for bankruptcy in Delaware on Nov. 11 in one of the highest-profile crypto blowups, leaving an estimated 1 million customers and other investors facing total losses in the billions of dollars.

The crypto exchange said on Saturday it has launched a strategic review of its global assets and is preparing for the sale or reorganization of some businesses. A hearing on FTX’s so-called first-day motions is set for Tuesday morning before a U.S. bankruptcy judge, according to a separate court filing.

(Reporting by Juby Babu in Bengaluru and Mike Spector in New York; Editing by Angus MacSwan and Daniel Wallis)

 

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Uma Rajagopal has been managing the posting of content for multiple platforms since 2021, including Global Banking & Finance Review, Asset Digest, Biz Dispatch, Blockchain Tribune, Business Express, Brands Journal, Companies Digest, Economy Standard, Entrepreneur Tribune, Finance Digest, Fintech Herald, Global Islamic Finance Magazine, International Releases, Online World News, Luxury Adviser, Palmbay Herald, Startup Observer, Technology Dispatch, Trading Herald, and Wealth Tribune. Her role ensures that content is published accurately and efficiently across these diverse publications.