Court Documents Shows Coinbase, Apple, And Netflix As FTX Creditors
The FTX debacle has unveiled another exciting twist to the crypto exchange’s bankruptcy issue, with some notable companies emerging as creditors. Financial experts for the troubled crypto trading platform have released the complete list of the firm’s creditors, with Apple, Coinbase and Netflix, among others, forming an expansive list.
An Expansive Creditor Lists
The document, which alphabetically outlined the names of notable entities owed money by the now-bankrupt FTX, is more than a hundred pages long. It shows the broader impact of the FTX implosion, with tech firms like Apple, WeWork and several media platforms like CoinDesk and the Wall Street Journal making a list.
However, the document does not include the dollar amounts each business on the creditor list is owed, nor does it specify information about individuals involved with FTX before its collapse. It is worth noting that the inclusion of a company in the list does not imply that the said entity has done business with FTX or had an account with the crypto exchange.
A once-dominant player in the digital asset industry, FTX met its downfall in November 2022 following a bank run on its activities. Due to the liquidity crisis, FTX was forced to release a statement disclosing that the firm did not fully back customers’ funds in its custody.
Following a last-minute failure to rescue the already dire situation by selling the exchange to its main rival, Binance, the firm eventually filed for bankruptcy. Sam Bankman-Fried, the founder and CEO, has since been arrested by the Bahamian law enforcement agency and extradited to the United States.
In addition, Bankman-Fried was charged with eight counts of financial crimes by both the US and Bahamian authorities in connection with the downfall of FTX. The FTX disaster has become one of the most prolonged and complicated cases involving a digital asset trading firm.
At the moment, John J Ray, the former Enron liquidator, is tasked with overseeing the restructuring of the troubled crypto exchange.
The high-profile bankruptcy case has proven to be more than just a story, with the FTX legal representatives estimating the possibility that the firm’s creditors might be more than a million. Previous court documents revealed that the exchange owed its top 50 creditors a combined total of $3.1 billion, with no names mentioned regarding the identity of the creditors.
Additionally, the same filing shows that the company’s top ten creditors have over $100 million each in unsecured claims with FTX before its collapse. Furthermore, the latest creditor matrix includes some notable players in the digital asset ecosystem like Coinbase, Chainalysis, Binance, Yuga Labs, Silvergate Bank and others. In addition, Reddit was also mentioned as part of FTX creditors.
However, Silvergate Bank is just one of the numerous banks that join the list, with others like Wells Fargo and CitiGroup. Meanwhile, the credit matrix also includes several revenue departments from different states in the US as FTX creditors.
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