FTX: the multimillion-dollar debt that the bankrupt cryptocurrency company has with its largest creditors

platform for buying and selling cryptocurrencies FTX it owes its 50 largest creditors almost $3.1 billion, according to a court filing.

The embattled firm, which filed for bankruptcy in the US last week, says it owes around $1.45bn to its top 10 creditors, though it did not name any.

Look: FTX: the fall of young billionaire Sam Bankman-Fried (and what his company’s crisis says about the “crypto winter”)

The collapse of the world’s second-largest cryptocurrency exchange has shaken confidence in the already troubled virtual currency market.

He also brought the head of the company, Sam Bankman-Friedto resign.

Previous bankruptcy filings FTX revealed that more than a million people and companies could be owed money after it collapsed.

On Saturday, FTX said it had launched a review of its global assets and was preparing to sell or reorganize some businesses.

A hearing before a bankruptcy judge from the US was set for Tuesday.

It’s unclear how much people who have funds invested in FTX will recover at the end of the bankruptcy process, though many experts cautioned that it may be a small fraction of what they put into the company.

Last week, the new CEO of FTX, John RayHe criticized the way the failed platform was run, saying he had never “seen such a huge failure of corporate controls.”

Ray, who replaced Bankman-Fried, criticized the “complete absence of reliable financial information.”

Bankman-Fried told the Vox news website that she regretted filing for bankruptcy and that the decision had taken the company’s financial affairs out of her control. He also expressed his disdain for financial regulators.

Source: Elcomercio

jack

I am Jack Morton and I work in 24 News Recorder. I mostly cover world news and I have also authored 24 news recorder. I find this work highly interesting and it allows me to keep up with current events happening around the world.