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FTX Crypto Exchange Owes Creditors $3.1bn

The collapsed cryptocurrency exchange FTX owes its 50 biggest creditors nearly $3.1bn (£2.6bn), according to a filing in a US bankruptcy court.

The collapse of the world's second largest crypto exchange shook confidence in the already troubled cryptocurrency market.

New FTX chief executive John Ray has hit out at the way the failed crypto exchange was run.

The firm filed for bankruptcy in the US last week and, in court filings, Mr Ray said he had never "seen such a complete failure of corporate controls".

It is currently under investigation from multiple authorities, due to claims that company founder and former CEO Samuel Bankman-Fried (SBF) secretly transferred $10bn of customer funds from FTX to his trading company Alameda.

Earlier this month, a source told Reuters that the US Securities and Exchange Commission is investigating FTX’s handling of customer funds and its crypto-lending activities.

Authorities in the Bahamas are also investigating whether any criminal misconduct occurred.


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