According to a court filing submitted to U.S. Bankruptcy Court in Delaware, the collapsed FTX Trading LTD owes over $3 billion to its top 50 creditors.
As per the filing, FTX owes the top creditor $226 million and its fiftieth-largest creditor about $21 million.
The 10 largest creditors of FTX alone have unsecured claims totaling more than $100 million each and more than $1.45 billion overall.
The filing done by bankruptcy lawyers states, “The Top 50 List is based on the Debtors’ currently available creditor information, including customer information that was able to be viewed but is not otherwise accessible at this time.”
Also Read: FTX Files for Bankruptcy in the U.S., SBF Resigns
FTX increased the number of prospective creditors in a filing last week from 100,000 to 1 million. Because naming them or disclosing information about their headquarters could alert predatory firms, FTX did not do either in the filing.
Regulators in the Bahamas are contesting the Delaware court’s jurisdiction. According to their wishes, the procedures should continue under a different form of bankruptcy in New York.
Due to overlapping creditors between FTX’s Chapter 11 proceedings, sloppy record keeping, and a lack of time and resources, it was decided to aggregate FTX’s creditors into a single file.
The third largest creditor’s claim is $174 million, which could be Genesis Trading, as it announced last week, the Genesis derivatives business currently has around $175M in locked funds in the FTX trading account.
Also Read: Genesis’ Crypto-Lending Arm Suspends Withdrawals Following FTX Crash
FTX has hired Landis Rath & Cobb and Sullivan & Cromwell as its bankruptcy attorneys. On Tuesday in Wilmington, Delaware, the First Day Hearing of FTX’s bankruptcy case is due.
