Bankrupt exchange FTX owes top creditors over $3 trillion

Failed cryptocurrency exchange FTX owes its top creditors more than $3 billion, the company revealed in a court filing over the weekend.

The list of the Top 50 Unsecured Claims Against FTX gives the public a first look at the amounts of money Sam Bankman-Fried’s companies may owe his clients. The highest claim was more than $226 million.

The names, addresses and other information on the claims have been redacted by the court.

Bahamas-based FTX filed for bankruptcy on Nov. 11 after the exchange acknowledged it had used customer funds to cover bad bets from Bankman-Fried’s trading arm, Alameda Research. Since the bankruptcy, the attorneys tasked with clarifying the consequences have described in court filings a company that has few risk controls and would use company funds to pay for its employees’ personal purchases.

“Never in my career have I seen such a complete failure of corporate controls and a complete lack of trustworthy financial information as here,” John Ray III, FTX’s new CEO, said in a court filing.

FTX’s attorneys will appear for the first bankruptcy court hearings on Tuesday.

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