February 4, 2023

FTX owes 50 largest unsecured creditors $3.1B, $100M each to 10

FTX owes 50 largest unsecured creditors $3.1B, $100M each to 10

Sam Bankman-Fried’s bankrupt crypto empire owes its 50 biggest unsecured creditors a total of $3.1 billion, new court papers show, with a pair of customers owed more than $200 million each.

FTX-linked entities owe their single biggest unsecured creditor more than $226 million, according to a redacted list of top 50 creditors filed late Saturday. All of them were listed as customers and ten have claims of more than $100 million each, the filings show.

The creditors, whose names and  locations weren’t disclosed, are among the vast array of people and institutions caught up in FTX’s insolvency. The 50 largest claims are all from customers owed $21 million or more. 

In the US, bankrupt companies are required to disclose information about their debts as part of insolvency proceedings. Creditors will get to weigh in on the best way for FTX to repay its debts as the bankruptcy unfolds. 

FTX said it has assets and liabilities of at least $10 billion each in preliminary court papers. The case may involve more than one million creditors, according to lawyers for FTX. 

The case is FTX Trading Ltd., 22-11068, U.S. Bankruptcy Court for the District of Delaware.

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