The debt of the FTX platform is over three billion dollars

22.11.2022. / 15:10

NEW YORK – Failed digital cryptocurrency trading platform FTX has announced that its 50 largest creditors are owed nearly $3.1 billion.

PHOTO: FTX

They owe the group of 10 largest creditors about $1.45 billion, they said in a court filing on Saturday, without naming names.

FTX filed for protection from creditors in a US court after panicked traders withdrew billions of dollars from the platform in a matter of days and rival Binance backed out of a bailout deal.

The bankruptcy proceedings include more than a hundred thousand creditors, but the number could exceed a million, since FTX asked the members of the group not to submit the lists of large creditors separately, but to combine them into a joint list, the filing states.

The group said on Saturday that it had launched a strategic review of its global assets, adding that it was preparing to sell and reorganize some businesses.

A hearing on FTX’s initial proposals is scheduled for Tuesday morning before a US bankruptcy judge, according to a separate court filing.

FTX was founded in 2019, and last year it had more than a million users, taking the third position on the list by the value of transactions in cryptocurrencies.

In January of this year, its market value was estimated at 32 billion dollars.

Its revenue grew from $10 million in 2019 to $1 billion in 2021 and processed about 10 percent of global cryptocurrency transactions this year, a September filing showed.

Its logo could be found on sports halls in Miami and on the jerseys of clubs in the American baseball league, and it was promoted by stars such as Tom Brady and Gisele Bundchen.

Bankman-Fried has been a regular visitor to Washington, donating millions of dollars to politicians and lobbying Congress on issues related to cryptocurrency markets, Reuters notes. business newspapers


Source: Capital.ba – Informacija je capital by www.capital.ba.

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