The Now-bankrupt Company FTX Owes Almost $3.1 Billion to Its Top 50 Creditors

The cryptocurrency exchange FTX said it owes nearly $3.1 billion to its 50 largest creditors, according to a filing with the U.S. bankruptcy court.

FTX owes $1.45 billion to Its top 10 creditors

There is more than $225 million owed to unidentified creditors, according to a filing from its Chapter 11 bankruptcy protection proceedings on Saturday.

 As per the filing, its top ten creditors amount to just over $1.45 billion. In total, it reached almost $3.1 billion, but the names were not included.

It said the list of 50 largest creditors must be filed in either Chapter 11 or Chapter 9. However, it stressed that further investigation is necessary before listing the amounts.

“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,”  cited the filing

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 There is an investigation ongoing in regards to amounts listed, including payments that may have been made but have not yet been reflected on the Debtors’ books and records.

Asking other crypto exchange to returns the lost funds

On Sunday, FTX called for help from its fellow crypto exchanges after securing evidence that funds were being siphoned through intermediate wallets.

“ Exchanges should be aware that certain funds transferred from FTX Global and related debtors without authorization on 11/11/22 are being transferred to them through intermediate wallets,” tweeted FTX. 

FTX did not explicitly state that the funds were stolen. Instead, they indicated that the funds were transferred without authorization from FTX Global.

Neither the wallet addresses nor the exchanges to which the funds were being transferred were specified by the company.

“Exchanges should take all measures to secure these funds to be returned to the bankruptcy estate,”added the firm.

As soon as FTX filed for bankruptcy in Delaware, it was given the funds to use for ill-gotten gains.

Read More: FTX CEO: Never Seen Such A Failure In Corporate Controls!

According to ZachXBT, a pseudonymous blockchain sleuth widely regarded as trustworthy by the DeFi community, the hack was worth around $650 million.

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Jamilatul Mahmudah

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