FTX Exchange – The business revealed in a court filing over the weekend that the defunct FTX exchange owes its biggest creditors more than $3 billion.
The public may get an idea of how much money Sam Bankman-businesses Fried’s could owe their clients by looking at the list of the top 50 unsecured claims made against FTX Exchange. More than $226 million was the largest claim.
The court censored the names, residences, and other details of the allegations.
On November 11, the Bahamas-based FTX Exchange filed for bankruptcy after admitting that Alameda Research, the trading arm of Bankman-Fried, had placed incorrect wagers using client cash. The attorneys entrusted with handling the bankruptcy’s aftermath have depicted the corporation in court documents as having lax risk controls and using corporate money to pay for workers’ personal expenditures.
FTX’s new CEO, John Ray III, made this statement in a court document.“Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here,”
Tuesday’s initial sessions in bankruptcy court will be attended by FTX’s attorneys.