New court documents reveal that collapsed crypto exchange FTX owes money to a slew of marquee businesses, including Apple and Netflix.
FTX, which went bankrupt in November, allegedly owed billions of dollars to a number of prominent companies before it collapsed, the extent revealed in bankruptcy court filings.
Some of those companies include tech giant Apple, video streaming service Netflix, other crypto exchange platforms such as Binance and Bitstamp, financial services titans Charles Schwab and JPMorgan, and one of the world’s largest retailers, Amazon.
Other notable firms that FTX owes money to include media companies Fox Broadcasting, Fox Sports, The Wall Street Journal, Fortune, Medium.com and CoinDesk, IT management company Cloudflare, crypto hedge fund Galaxy Digital, and various universities, airlines, countries, US states, and US regulatory agencies.
The names of 9.7 million customers have been redacted from the 116-page document.
Last week, FTX CEO John J. Ray III, who replaced disgraced founder Sam Bankman-Fried, said the company might reboot instead of liquidating all of its assets to settle its insolvency.
Bankman-Fried is accused of misleading investors and mishandling customer funds and faces over 100 years in prison if convicted. Bankman-Fried is accused of illicitly loaning large amounts of investor funds to Alameda Research, FTX’s trading branch.
Previously, court documents revealed that FTX had set up a “$65 million back door” for Alameda to borrow funds without putting any collateral despite FTX customers being subjected to the rule.
The document also gave insight into FTX’s financial situation, revealing that the troubled crypto exchange has about $5.5 billion in liquid assets, including $1.7 billion in cash, and $3.5 billion in liquid crypto assets.
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- Source: https://dailyhodl.com/2023/01/26/new-court-documents-show-apple-netflix-binance-and-coinbase-among-creditors-owed-money-by-ftx/