Cryptocurrency exchange FTX informed the Justice, as part of its judicial recovery process, that it owes more than US$ 3.1 billion (R$ 16.6 billion) to its 50 largest creditors.

In court filings filed with the Delaware bankruptcy court on Nov. 19, FTX provided a list of some of its largest non-member creditors. While the names on the list are not public, the document gives an idea of ​​the extent of the collapse of the exchange founded by Sam Bankman-Fried.

As the document shows, FTX owes its biggest creditor just over US$ 276 million (R$ 1.5 billion). To the second, he owes around US$ 203 million (R$ 1.08 billion) and to the third US$ 174 million (R$ 932 million). That third claim could be from crypto lender Genesis Global Capital. Although the creditor’s identity is anonymous, the number matches what Genesis Trading, which controls the lending platform, recently released.

“As part of our goal to provide transparency around this week’s market events, Genesis’ derivatives business currently has approximately $175 million in funds locked up in our FTX trading account. This does not affect our market making activities,” tweeted Genesis Trading on Nov. 10.

FTX creditors

Meanwhile, to its smallest creditor (among the top 50), FTX owes US$21 million (R$112 billion). Any creditor with less than $21 million did not make the list. This means that the total FTX owes is much higher. In addition, it is worth noting that last week the company reported that the list of creditors could exceed 1 million.

According to the document, the debt does not involve anything due to people inside the company. At the same time, it may undergo changes as more information becomes available if more information is available. FTX has attached a note to the listing, explaining that the funds are not currently accessible to the company.

“The top 50 list is based on debtors’ currently available creditor information, including customer information that could be viewed but is not currently accessible,” reads the document, prepared by FTX bankruptcy attorneys.

Prior to the submission of this file with FTX’s top 50 creditors, a motion was attached to the file to withhold information about who FTX’s creditors are and their personal data. That’s because disclosing company names could give competitors “an unfair advantage to contact and steal those customers.” Consequently, this could interfere with debtors’ ability to sell their assets.

In addition, said motion determined the production of the list of creditors of FTX in a single file. According to the document, this decision was made due to disorganized record keeping, as well as limited time and resources.

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