Financial advisers to bankrupt cryptocurrency exchange FTX finally revealed the full list of the company’s institutional creditors in a court hearing late Wednesday night. The document shows the names of the companies that FTX owed money to, giving a detailed look at the individuals involved in the exchange’s bankruptcy.
Organized alphabetically and over a hundred pages long, the document shows just how far the impact of the FTX collapse stretches, listing technology companies from Apple to WeWork, as well as several media publications such as Wall Street Journal and CoinDesk.
The list does not include specific dollar amounts of what is owed to each business in the creditor matrix, nor specific information relating to individual customers, more than 9.6 million of whom were removed from the document. The inclusion of a company in the list does not necessarily mean that it had a trading account with FTX.
FTX, once the dominant player in the cryptocurrency industry, collapsed due to a raid on the exchange in November. A liquidity crunch forced FTX to admit that clients’ assets were not fully secured and eventually filed for bankruptcy after a failed last-ditch attempt to sell the company to its main competitor Binance. Company founder Sam Bankman-Fried was arrested and charged with eight financial crimes in connection with the collapse of the stock exchange.
To date, disbanding FTX has proven to be a long and complicated process, with former Enron liquidator John J. Ray overseeing the company’s restructuring. The creditor list filing was approved last Friday by Judge John Dorsey in Delaware, where the high-profile bankruptcy case continues to play out. FTX Lawyers estimated earlier in case the exchange may have more than 1 million creditors.
Earlier, court documents showed that FTX owed $3.1 billion to its top 50 creditors without mentioning specific names. The specific filing made it clear that only the top ten FTX lenders have unsecured claims in excess of $100 million each.
The environment matrix includes many companies operating in the digital asset industry such as Coinbase, Binance Capital Management, Chainalysis, Yuga Labs, Doodles, and Silvergate Bank. Reddit, which deployed Polygon-based NFT avatars on its platform last year, is also cited as a lender.
But Silvergate is just one of several banks listed in the lenders matrix, which lists others such as CitiGroup and Wells Fargo. Companies that also invested in the now bankrupt venture, such as Blackrock and Sequoia Capital, are also listed.
Some companies mentioned may refer to money FTX owes for goods and services. Pharmacy CVS is listed as one of the exchange’s corporate lenders, along with Netflix and Comcast. The matrix lists twelve different lenders that have Doordash in their name.
The creditor matrix also includes several revenue departments from many US states, from Alabama to Wyoming. The credit matrix also lists the Bahamas Ministry of Finance as a creditor in the bankruptcy case.
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