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MoneyWatch


BANKRUPT FTX TRADING OWES CREDITORS MORE THAN $3 BILLION

By Khristopher J. Brooks

November 21, 2022 / 2:25 PM / MoneyWatch

 * 
 * 
 * 

FTX bankruptcy an "unprecedented" mess

FTX bankruptcy filing shows "unprecedented" mess 06:47

FTX Trading owes its creditors at least $3.1 billion, according to court
documents filed by the bankrupt cryptocurrency exchange.

A list of the company's top 50 creditors was submitted by FTX to a Delaware
bankruptcy judge on Saturday. FTX doesn't name the 50 creditors in the court
filing, but categorizes the nature of each claim as "customer." 

Once a darling of the crypto world, FTX raised almost $2 billion from venture
capital and other investors in three years. The Bahamas-based company crashed in
spectacular fashion this month, sending shockwaves throughout the crypto
industry when it declared Chapter 11 bankruptcy. 



Equally dramatic is the fall of former CEO Sam Bankman-Fried, who resigned from
the company and is now under investigation in the U.S. and abroad for possible
securities violations.

Alvarez & Marsal, an accounting firm FTX hired to help with its bankruptcy,
asked the judge on Sunday for extra time to file more documents in the case. FTX
"historically did not keep reliable books and records" and the firm is "working
to access certain sources of data and records that are currently unavailable,"
its managing director Edgar Mosley II said in court documents. 



A hearing before a bankruptcy judge is scheduled for Tuesday. 


FTX crypto exchange bankruptcy sends shockwaves across market 06:23


"COMPLETE FAILURE"

FTX's problems first came to light earlier this month when Bankman-Fried told a
group of investors that the company needed about $8 billion to back up its
users' crypto assets. He also warned that without an imminent infusion of cash
the company might have to file for bankruptcy.

New CEO John Ray III noted some of the lax business practices at the company in
a court filing last week. Among those shortcomings he said occurred under former
CEO Sam Bankman-Fried was that the company communicated on an application that
auto-deleted messages often. 

"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 Ray, who has decades of experience guiding companies — including
Enron — through bankruptcy, in court documents filed last week. 



FTX's move marks the third crypto company to seek bankruptcy protection this
year, following Voyager Digital and Celsius Network. The filing also clouds the
fate of BlockFi, a crypto lender that FTX helped bail out with $400 million
earlier this year. 

Court documents FTX filed also show other detailed financial statements, some of
which reveal that FTX had $1.3 billion in assets and owed $102 million to
customers the day the company filed for bankruptcy. Ray said last week that
those figures are questionable because they were recorded when Bankman-Fried was
still at the helm and the company's business practices were "unacceptable." 


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Khristopher J. Brooks

Khristopher J. Brooks is a reporter for CBS MoneyWatch covering business,
consumer and financial stories that range from economic inequality and housing
issues to bankruptcies and the business of sports.

Twitter

First published on November 21, 2022 / 2:25 PM

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