As the tale of FTX continues to play out, more and more information concerning the defunct exchange is rising to the surface. A court filing has just come to light, revealing the list of FTX's creditors. This is one of the most recent events to take place. Surprisingly, not all of them are IT companies.
According to a creditor list submitted (1) by FTX attorneys late on Wednesday night, the company owes money to a wide variety of parties, including IT businesses, hoteliers, airways, and even government enterprises.
A Long List of Companies Affected by FTX Collapse
Throughout the course of the 115-page paper, FTX cited several prominent technology companies, including Apple, Amazon, Meta, LinkedIn, and Twitter. In addition, it included a list of noteworthy companies built on market or Web 3.0. These companies include Circle, Yuga Labs, Coinbase, Sky Mavis, Chainalysis, Galaxy Digital, Yuga Labs, Bittrex, Messari, and several Binance subsidiaries.
In addition, FTX has financial obligations to several media companies, such As the Wall Street Journal, CoinDesk, and The New York Times. The Internal Revenue Service is one of the federal government agencies it owes money. It also owes money to several international government agencies in locations like Hong Kong and Australia, amongst others.
It is interesting to see that the list only includes information on FTX's corporate creditors and does not disclose the precise amount that FTX owes each creditor.
Meanwhile, the company did not reveal any information on the specifics of its each and every clients in the document. On the other hand, given that there are about 9.7 million affected individuals, that could be a tricky task for the sake of publishing.
Change Of Fortunes for Some Individuals
Without a doubt, FTX previously reigned supreme in the world of crypto currencies. However, following a bank run on the exchange, which caused the company to disclose that client assets were not completely backed as it had previously stated, things were never quite the same again.
November marked the beginning of the end for the once-illustrious company, which ultimately declared bankruptcy.
During this time, in December, a senior company employee who went bankrupt revealed in a public statement what may have been why FTX went out of business.
An ex-worker of the company said (2), in a lengthy conversation on Twitter, that the company participated in luxury expenditures that were "moronically unproductive."
Additionally, in some way, the most current list of creditors may indicate that the employee was correct all along.
There were hints of extravagant spending on the list, which contained the names of several five-star hotels located in various parts of the world and Airbnb and Uber Eats, among other services.
Even though the firm's founder, Sam Bankman-Fried, has now been detained and indicted on eight charges, the process of FTX filing for bankruptcy is proving to be very difficult and convoluted.