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Crypto Prices Fall As Filings Show Top 50 Creditors Are Owed $3.1 Billion

Cointime Staff· 1 min read

A list of the top 50 creditors of the FTX group of companies has been filed with the bankruptcy court, and the sum total amounts to $3.1 billion.The top two creditors are owed $226 million and £203 million. None of the names of the creditors are included in the list, in line with a request by FTX to shield its clients’ identity for reasons of business competitiveness.

Today’s filing uncovers the first concrete details relating to the shape of FTX companies’ liabilities, which are thought to amount to around $10 billion.

The top 10 creditors alone are owed $100 million-plus each and are likely to include hedge funds and other financial companies that traded on the exchange, as well as crypto entities such as lenders.

FTX could have as many as one million creditors and arguments over debt seniority will determine which ones will be paid first.

Also, the delay in producing the list, which is a requirement of Chapter 11 bankruptcy proceedings, has been due to the parlous state of FTX companies’ records.

Crypto markets and equities tied to the industry felt the pressure last week as the situation around crypto exchange FTX continued to unravel.

Bitcoin is down about 1% over the past seven days while ether is down roughly 6%.

Crypto-related stocks largely suffered a tough week as well.


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