FTX Owes Over $3B to Top 50 Creditors, Liquid Pauses All Trading
- New bankruptcy court filings revealed that FTX owed its top 50 creditors around $3 billion, with sums ranging from $21 million and $226 million.
- Japanese crypto exchange Liquid, which was acquired by FTX in May, suspended all trading on its platform only five days after pausing crypto and fiat withdrawals.
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Troubled cryptocurrency exchange FTX owes more than $3 billion to its top 50 creditors, with the single largest claim being $226 million, court documents filed with the bankruptcy court for the district of Delaware revealed on 20 November.
Last week, FTX filed more than 100 dockets for various companies that would participate in its Chapter 11 bankruptcy process, revealing that FTX Group’s creditors could number more than 1 million. The new bankruptcy court filings show that the top 50 creditors — whose identities were not revealed — are owed $3.1 billion, with sums ranging between $21 million and $226 million. The document reads:
“The Top 50 List is based on the Debtors’ currently available creditor information, including customer information that was able to be viewed but is not otherwise accessible at this time. The Debtors’ investigation continues regarding amounts listed, including payments that may have been made but are not yet reflected on the Debtors’ books and records. The Debtors are also working to obtain full access to customer data.”
On the same day, Japanese cryptocurrency exchange Liquid — which was acquired by FTX back in May — announced it had suspended all trading operations on its platform following instructions from FTX Trading. The suspencion comes only five days after the company paused all fiat and crypto withdrawals, citing regulatory compliance with FTX’s Chapter 11 bankruptcy process.
In the meantime, the individual behind the $447 million FTX hack has continued to swap his stolen Ether (ETH) for renBTC, and bridging his assets over to the Bitcoin blockchain using the Ren BTC Gateway. Blockchain security firm PeckShield noted earlier today that the hacker’s wallet contained 185,735 ETH (worth around $207 million), making him the 43rd largest ETH holder.
- The New York Jurors took 4 fours of deliberating before pronouncing the former FTX CEO guilty of all seven charges of fraud and conspiracy to commit fraud.
- Bankman-Fried will now have to appear in court on 28 March, 2024, where he will face a potential maximum sentence of 115 years in prison.
Former CEO of FTX Sam Bankman-Fried leaves the Federal Court in New York after pleading not guilty, 3 January, 2022.
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- A little over $13 million in altcoins were sent to crypto exchanges Binance and Coinbase in the past 24 hours, which is in accordance with a September court order.
- The court ordered a phased liquidation process, which allows the bankruptcy estate to sell $3.4 billion worth of digital assets over a certain period of time.
- Popular Telegram bot Unibot, which is used to snipe trades on Uniswap, became a victim of a token approval exploit earlier today, when it was switching to a new router.
- After confirming the exploit, Unibot assured users that their keys and wallets were safe, and that the project will compensate all affected users.