Sam Bankman-Fried’s bankrupt cryptocurrency empire owes its 50 biggest unsecured creditors a total of $3.1 billion, new court papers show, with a pair of customers owed more than $200 million each.
FTX-linked entities owe their single biggest unsecured creditor more than $226 million, according to a redacted list of the top 50 creditors that was filed late on Saturday.
All of them were listed as customers and ten have claims of more than $100 million each, the filings show.
The creditors, whose names and locations weren’t disclosed, are among the vast array of people and institutions caught up in FTX’s insolvency. The 50 largest claims are all from customers owed $21 million or more.
In the US, bankrupt companies are required to disclose information about their debts as part of insolvency proceedings. Creditors will get to weigh in on the best way for FTX to repay its debts as the bankruptcy unfolds.
FTX said it had assets and liabilities of at least $10 billion each in preliminary court papers. The case may involve more than one million creditors, according to lawyers for FTX.
The case is FTX Trading Ltd, 22-11068, US Bankruptcy Court for the District of Delaware.
FTX Europe, the regional branch of the cryptocurrency exchange now in bankruptcy proceedings, unsuccessfully sought a trading licence in Switzerland, NZZ reported on Sunday, citing sources.
FTX Europe, based in Pfaffikon near Zurich, had applied to Swiss banking regulator Finma for a licence for an “organised trading system” which was declined recently, the paper reported. It did not give reasons for why the application failed.
Finma declined to comment, citing policy on applications, the paper reported and it was impossible to reach FTX Europe, which has now shut down.
FTX Trading and about 100 affiliated companies are starting a strategic review of global assets as a part of the Chapter 11 bankruptcy process.
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VEZEETA PROFILE
Date started: 2012
Founder: Amir Barsoum
Based: Dubai, UAE
Sector: HealthTech / MedTech
Size: 300 employees
Funding: $22.6 million (as of September 2018)
Investors: Technology Development Fund, Silicon Badia, Beco Capital, Vostok New Ventures, Endeavour Catalyst, Crescent Enterprises’ CE-Ventures, Saudi Technology Ventures and IFC
UAE currency: the story behind the money in your pockets
What are the GCSE grade equivalents?
- Grade 9 = above an A*
- Grade 8 = between grades A* and A
- Grade 7 = grade A
- Grade 6 = just above a grade B
- Grade 5 = between grades B and C
- Grade 4 = grade C
- Grade 3 = between grades D and E
- Grade 2 = between grades E and F
- Grade 1 = between grades F and G
UK-EU trade at a glance
EU fishing vessels guaranteed access to UK waters for 12 years
Co-operation on security initiatives and procurement of defence products
Youth experience scheme to work, study or volunteer in UK and EU countries
Smoother border management with use of e-gates
Cutting red tape on import and export of food
Global Fungi Facts
• Scientists estimate there could be as many as 3 million fungal species globally
• Only about 160,000 have been officially described leaving around 90% undiscovered
• Fungi account for roughly 90% of Earth's unknown biodiversity
• Forest fungi help tackle climate change, absorbing up to 36% of global fossil fuel emissions annually and storing around 5 billion tonnes of carbon in the planet's topsoil
Asia Cup 2018 final
Who: India v Bangladesh
When: Friday, 3.30pm, Dubai International Stadium
Watch: Live on OSN Cricket HD
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
UAE currency: the story behind the money in your pockets
Killing of Qassem Suleimani
If you go
The flights
Etihad (etihad.com) flies from Abu Dhabi to Luang Prabang via Bangkok, with a return flight from Chiang Rai via Bangkok for about Dh3,000, including taxes. Emirates and Thai Airways cover the same route, also via Bangkok in both directions, from about Dh2,700.
The cruise
The Gypsy by Mekong Kingdoms has two cruising options: a three-night, four-day trip upstream cruise or a two-night, three-day downstream journey, from US$5,940 (Dh21,814), including meals, selected drinks, excursions and transfers.
The hotels
Accommodation is available in Luang Prabang at the Avani, from $290 (Dh1,065) per night, and at Anantara Golden Triangle Elephant Camp and Resort from $1,080 (Dh3,967) per night, including meals, an activity and transfers.
SPECS
Engine: 4-litre V8 twin-turbo
Power: 630hp
Torque: 850Nm
Transmission: 8-speed Tiptronic automatic
Price: From Dh599,000
On sale: Now
