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FTX’s New Management Team Is in Touch With Regulators; May Have Over 1M Creditors

15 November 2022
in Latest News, News
Reading Time: 3 mins read
102 8
Home News Latest News

According to a court document that finally began analyzing the company’s demise in detail, FTX may have more than one million creditors.

The document, filed late Monday with the federal court database system PACER, provides the first proper look at the crypto exchange’s final day before declaring bankruptcy and its first few days in the process. 

According to the petition, FTX’s new CEO, seasoned insolvency overseer John J. Ray III, is working with legal, cybersecurity, and forensic experts on the company’s several subsidiaries and their respective bankruptcy processes. 

FTX filed nearly 100 dockets for its numerous affiliated firms, including Alameda Research, a quant trading firm that held a large number of FTT tokens; West Realm Shires, a business entity in the United States that acts as FTX in different jurisdictions; and Clifton Bay Investments.  

FTX filed motions in several dockets to jointly administer the overarching umbrella group of entities rather than treating each as a separate matter. As part of this endeavour, FTX is also asking if it can generate a top 50 list of creditors for the overall structure rather than a list of the top 20 creditors for each individual company. Furthermore, FTX believes it has over a million debtors in total.

The filing read,

“According to the Debtors’ filings, there are over 100,000 creditors in these Chapter 11 Cases. In reality, more than one million creditors may be involved in these Chapter 11 cases. As a result, the Debtors argue that there is sufficient reason to amend that provision so that the Debtors will file a consolidated list of their top 50 creditors. ” 

The exchange’s operators are also asking the court to enable them to send the bankruptcy notice to FTX’s creditors rather than serving them at their homes. 

According to the paper, customers of FTX mostly communicated with the exchange online, so their emails are already on file. 

The filing mentioned Friday’s hack, in which hundreds of millions of dollars in cryptocurrency were stolen from FTX’s wallets, and confirmed that FTX has been in contact with “dozens” of state and federal regulators around the world, including the US Attorney’s Office, the Securities and Exchange Commission, the Commodity Futures Trading Commission, and others.  

Former District Judge Joseph Farnan, FTX Trading’s Matthew Doheny, West Realm Shires Inc.’s Mitchell Sonkin, Alameda Research’s Matthew Rosenberg, and Clifton Bay Investments’ Rishi Jain have all been named directors. 

FTX declared bankruptcy on Friday morning, claiming between $10 and $50 billion in assets and obligations and over 100,000 creditors. 

The filing on Monday did not address the exchange’s current assets or liabilities but stated that the new leadership team is trying to “protect and marshal” its assets. This includes having numerous lawyers and experts evaluate the books of FTX and its subsidiaries.

 

If you would like to read more articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, and Instagram.

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