On November 19th, FTX filed a list of some of its largest creditors in a Delaware bankruptcy court. The filing lists its 50 largest uninsured creditors who are not company insiders. While the names on the list are redacted, the document gives a glimpse into the extent of FTX’s collapse.
Out of the top 50 creditors, the largest claim on the list is for $226 million, while the smallest is for $21 million. Anyone with less than $21 million in claims did not make it on the list. That means that the total FTX owes is much higher.
The exchange’s top ten creditors alone all have more than $100 million in uninsured claims. Their combined claims equal more than $1.45 billion.
The third claim on the list is for $174 million, which could be from crypto lender Genesis Global Capital. While the identity of the creditor is not disclosed, the figure matches. Earlier, Genesis Trading, the lending platform’s parent company, claimed that it has about $175 million in locked funds on FTX.
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“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,” the document, prepared by bankruptcy lawyers reads.
FTX also stated that the figures might not be entirely accurate, as there could have been payments to creditors that are not reflected on the books.
Before the latest filing, FTX also filed a motion requesting that the identities of the creditors not be disclosed to the public. The knowledge that their funds are locked could put the creditors in a difficult position and potentially hurt their businesses, FTX argued.
“Public dissemination of the Debtors’ customer list could give the Debtors’ competitors an unfair advantage to contact and poach those customers, and would interfere with the Debtors’ ability to sell their assets and maximize value for their estates at the appropriate time,” the motion stated.
FTX was the third-largest crypto exchange in the world, and its collapse could impact the entire crypto market.
Genesis is the third-largest creditor on this list. Read more about their potential collapse:
Genesis Sought a $1 Billion Emergency Loan Before Halting Withdrawals
Latest on the FTX collapse – crypto intel firm says that 50% of FTX funds are recoverable:
Approximately 50% of FTX Deposits Can be Refunded Based on the Balance Sheet – Messari
See original on DailyCoin
Source: Cryptocurrency - investing.com
