Bankrupt exchange FTX owes top creditors over $3 billion

Nov 21, 2022, 9:37 AM | Updated: 9:53 am
File - The FTX logo appears on home plate umpire Jansen Visconti's jacket at a baseball game with t...

File - The FTX logo appears on home plate umpire Jansen Visconti's jacket at a baseball game with the Minnesota Twins on Tuesday, Sept. 27, 2022, in Minneapolis. The new CEO of the collapse cryptocurrency trading firm FTX, who oversaw Enron's bankruptcy, said, Thursday, Nov. 17, he has never seen such a "complete failure" of corporate control. John Ray III, in a filing with the U.S. bankruptcy court for the district of Delaware, said there was a "complete absence of trustworthy financial information." (AP Photo/Bruce Kluckhohn, File)

(AP Photo/Bruce Kluckhohn, File)

NEW YORK (AP) — The failed cryptocurrency exchange FTX owes more than $3 billion to its largest creditors, the company disclosed in a court filing over the weekend.

The list of the top 50 unsecured claims against FTX gives the public a first glance into the amount of money Sam Bankman-Fried’s companies may owe his customers. The top claim was more than $226 million.

The names, addresses and other information about the claims was redacted by the court.

Bahamas-based FTX filed for bankruptcy on Nov. 11 after the exchange acknowledged that it had used customer funds to cover bad bets by Bankman-Fried’s trading arm, Alameda Research. Since it went into bankruptcy, the lawyers tasked with sorting through the aftermath have described in court filings a company that little risk controls and would use company funds to pay for personal purchases of its employees.

“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,” said John Ray III, the new CEO of FTX, in a court filing.

FTX’s lawyers will appear in bankruptcy court on Tuesday for the first hearings.

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Bankrupt exchange FTX owes top creditors over $3 billion