The company’s creditors range from technology companies to hoteliers, airlines and even government entities in the US and other countries.
As the FTX saga continues to unfold, more revelations about the bankrupt exchange emerge. In one of the latest developments, a court document has revealed the full list of FTX’s creditors. Surprisingly, not all of them are tech companies.
According to a matrix of creditors archived according to FTX lawyers late Wednesday, the firm’s creditors range from tech companies to hoteliers, airlines and even government entities.
FTX Saga: Creditors
In the 115-page document, FTX mentioned top tech giants like Apple, Amazon, Meta, LinkedIn, Twitter, and many more. He also listed some notable crypto and Web 3.0-based firms. They include Circle, Yuga Labs, Coinbase, Sky Mavis, Chainalysis, Galaxy Digital, Yuga Labs, Bittrex, Messari, and some Binance subsidiaries.
FTX also owes money to various media companies, including The Wall Street Journal, CoinDesk, and The New York Times, among others. Some of the government entities you owe include the federal Internal Revenue Service (IRS) in the United States and some foreign government agencies in places like Hong Kong and Australia, among others.
Interestingly, however, the list only details its institutional creditors and does not reveal the exact amount that FTX owes to each of them.
Meanwhile, the firm did not specify the details of its individual clients in the document. However, that could simply be for the sake of the publication, as they are almost 9.7 million in number.
how the mighty fell
Without a doubt, FTX was once a dominant force in the crypto league. However, things never stayed the same after a bank run on the exchange led him to admit that client assets were not fully supported as previously claimed. The once glorified firm finally collapsed in November, eventually filing for bankruptcy.
Meanwhile, in December, a former employee of the bankrupt company publicly revealed what may have been the cause of FTX’s downfall. In a long Twitter thread, the ex-employee said that the company engaged in “idiotically inefficient” luxury spending. And somehow, the recent list of creditors may be pointing out that the employee was right all along.
There were hints of overspending in the list that included the names of various luxury hotels around the world, Airbnb, Uber Eats, etc.
Although the company’s founder, Sam Bankman-Fried, was arrested and charged with eight counts, FTX’s bankruptcy process is proving very complicated.
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Mayowa is a crypto enthusiast/writer whose conversational nature is quite evident in his writing style. He strongly believes in the potential of digital assets and takes every opportunity to reiterate it. He is a reader, a researcher, an astute speaker, and also a budding entrepreneur. Away from cryptocurrency, however, Mayowa’s imagined distractions include soccer or discussions of world politics.
