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Cryptocurrency exchange FTX owes more than $3 billion to creditors




FTX, the cryptocurrency exchange that collapsed earlier this month and filed for bankruptcy protection, said in a court filing on Saturday that it owes its 50 largest creditors more than $3 billion.

The collapsed stock exchange’s top ten creditors are owed around $1.45 billion. The creditor’s identity is redacted.

John Ray III, who was named CEO of FTX after founder Sam Bankman-Fried stepped down, also said Saturday that the company has launched a strategic review of the exchange̵[ads1]7;s assets.

Cryptocurrency exchange FTX owes more than  billion to creditors

FILE PHOTO: The logo of FTX is seen at the entrance to the FTX Arena in Miami, November 12, 2022. (REUTERS/Marco Bello/File Photo/Reuters Photos)

FTX was once the world’s third largest exchange with a value of nearly $32 billion before a liquidity crisis brought down the company earlier this month. Bankman-Fried announced on November 11 before resigning that FTX, his trading firm Alameda Research and affiliates would file for bankruptcy.

NEW FTX CHIEF CONDEMNS BANKMAN-FRIED FOR ‘COMPLETE FAILURE IN COMPANY CONTROLS’

An estimated one million customers and other investors face losses in the billions of dollars.

Sam Bankman-Fried sits in a chair

Sam Bankman-Fried, co-founder and former CEO of FTX, in Hong Kong, China, Tuesday, May 11, 2021. (Lam Yik/Bloomberg via Getty Images/Fox News)

Ray, a lawyer who oversaw the $23 billion bankruptcy of energy company Enron, wrote in a separate lawsuit this week that he had “no confidence” in FTX’s balance sheets.

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“Never in my career have I seen such a complete failure of corporate controls and such a complete absence of reliable financial information as occurred here,” Ray said in a Nov. 17 filing.

“From compromised system integrity and faulty regulatory oversight overseas, to the concentration of control in the hands of a very small group of inexperienced, unsophisticated and potentially compromised individuals, this situation is unprecedented.”

Fox Business’s Megan Henney contributed to this report, as well as Reuters.



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