News

Fallen Crypto Exchange FTX Owes Over $3.1bn to its Largest Creditors

FTX who filed for bankruptcy just last week revealed that it owes money to over more than one million people and businesses

Once regarded as the world’s third largest crypto exchange, bankrupt crypto exchange ‘FTX’, just announced that it currently owes over $3.1 billion (PKR 698,446,120,000) to 50 of its biggest creditors.

The numbers were revealed by FTX in its recent court filing after it announced bankruptcy just last week. It was also revealed that from the $3.1 billion owed, the firm owes around $1.45 billion to its top 10 creditors. As of now, the firm refuses to name any of the creditors.

FTX’s massive collapse was not just a disaster for CEO Sam Bankman Fried who lost 94% of his wealth in a day but also its creditors and other crypto based businesses and exchanges.

Reports suggest that soon after FTX fall, investors started to lose confidence in other credible crypto exchanges. Crypto and blockchain based businesses also saw a loss in users thus resulting in a lot of industry giants criticizing FTX.

FTX bankruptcy filings revealed that currently the exchange owes money to over a million people and businesses. Following the events , FTX will soon start reviewing its global assets and reorganize or sell some of its business ventures.

While the fallen organization is hoping to pay off most of its creditors, the hopes are quite low. Crypto experts have revealed that the creditors will probably receive only a fraction of the money they put into the firm.

Currently FTX’s former CEO has stepped out from his position and new CEO John Ray has revealed information about the operations of FTX. “Complete absence of trustworthy financial information” said Ray while criticizing operations under ex-CEO Sam Bankman.

 

Read more:

Elon Musk Unbans Donald Trump’s Twitter Account After a Poll

Sponsored
Abdullah Shahid

Share
Published by
Abdullah Shahid

Recent Posts

Rumors Indicate iPhone 17 May Feature Unconventional Camera Design

Apple is reportedly preparing for a significant design overhaul with its iPhone 17 series, blending…

4 hours ago

First AI-Powered Teacher Launched in Pakistan’s Private School

Karachi: A private school in Karachi has unveiled Pakistan’s first AI-powered teacher, a groundbreaking move…

6 hours ago

Yahoo Surprises Users with Its Latest Android Launcher

Third-party apps have long been a staple of the Android ecosystem, but their appeal has…

7 hours ago

Phase-II Review of PTCL-Telenor Deal Finalized by CCP

ISLAMABAD: The Competition Commission of Pakistan (CCP) has completed its Phase-II review of Pakistan Telecommunication…

7 hours ago

Xiaomi’s SU7 Achieves New Production Record, Driving Q3 Growth

Xiaomi has shattered records by producing 100,000 vehicles in just 230 days. This is nearly…

9 hours ago

Teachers Can Now Access OpenAI’s Free AI Course

OpenAI, in collaboration with nonprofit organization Common Sense Media, announced on Wednesday the launch of…

9 hours ago