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Court documents reveal extensive creditor list of FTX, and why are we surprised?

FTX Creditors Include Apple Netflix and Coinbase Court Documents

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  • Financial advisors of  FTX unveiled its complete list of institutional creditors in an official court filing.
  • The list included tech giants and media outlets.

On Wednesday night, the financial advisors of the cryptocurrency exchange FTX unveiled its complete list of institutional creditors in an official court filing. This document not only names the companies that are owed money by FTX but provides a comprehensive overview of all entities entangled in this bankruptcy case.

This comprehensive document of more than a hundred pages, arranged alphabetically, shows the impact of FTX’s downfall. Companies ranging from Apple to WeWork and media sources like CoinDesk and the Wall Street Journal are all included in this exhaustive list.

Even though the list does not give precise dollar amounts regarding what each business is owed, merely appearing in this creditor matrix doesn’t necessarily mean they had a trading account with FTX.

In November, the once-leading cryptocurrency exchange, FTX, was ruined after a bank run. The lack of liquidity pushed FTX to admit that its customers’ assets were inadequately backed up, and eventually, they filed for bankruptcy. Sam Bankman-Fried, the founder of FTX, attempted to sell the company off to its major rival Binance but was unsuccessful. Ultimately, he was arrested and charged with eight financial offenses regarding the collapse of his own company.

The disintegration of FTX has been a laborious and intricate process, with ex-Enron liquidator John J Ray supervising the reorganization. Last Friday, Judge John Dorsey in Delaware consented to the creditors’ list filing. Lawyers from FTX estimated earlier that more than 1 million creditors could be included in their case.

Court documents have previously revealed that FTX owes its top fifty creditors a total of $3.1 billion without disclosing any specific names. Moreover, the filing explicitly clarified that their ten most eminent creditors possess unsecured claims of about $100 million.

Wednesday’s matrix highlights an array of digital asset corporations such as Coinbase, Binance Capital Management, Chainalysis, Yuga Labs, Doodles, and Silvergate Bank. Reddit is also mentioned in the lineup since it launched Polygon-based NFT avatars on its platform a year ago.

Silvergate, Wells Fargo, and Citigroup are among the many banks listed in the creditors’ matrix. Blackrock and Sequoia Capital —also on the list—are among the companies that had put money into the now-defunct venture.

FTX is indebted to a variety of organizations when it comes to goods and services, with CVS Pharmacy being one of them. Netflix and Comcast are included on the list of corporate creditors as well. The matrix even features twelve distinct creditors, including Doordash.

Many revenue departments from multiple states in the U.S. are included in the creditor matrix. The Bahamas Ministry of Finance is also part of the creditors in this FTX bankruptcy case.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

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