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The US bankruptcy court has granted protection to the cryptocurrency exchange FTX, which claims to owe its 50 largest creditors nearly $3.1 billion.
Without naming them, the exchange stated in a court filing on Saturday that its top ten creditors are owed approximately $1.45 billion.
In one of the most publicized crypto meltdowns, FTX and its affiliates filed for bankruptcy in Delaware on November 11. As a result, an estimated million customers and other investors are expected to have lost billions of dollars.
The cryptocurrency exchange announced on Saturday that it has started a strategic review of its global assets and is putting some businesses up for sale or reorganization. According to a different court filing, a hearing on FTX’s so-called first-day motions is scheduled for Tuesday morning before a US bankruptcy judge.
One of the biggest and most influential players in the cryptocurrency industry experienced a stunning fall with the swift collapse of FTX.
The FTX Group stated that it has spoken with “dozens” of US and international regulatory organizations, including the US Attorney’s Office, the US Securities and Exchange Commission, and the Commodity Futures Trading Commission, and that there may be more than 1 million creditors in the US cases that have already been filed.
According to a statement made by the Royal Bahamas Police Force on Sunday, authorities in the Bahamas, where FTX is headquartered, are looking into whether any criminal activity connected to the collapse of the company may have taken place. The cryptocurrency assets owned by FTX Digital Markets, an FTX unit based in The Bahamas that filed for Chapter 15 bankruptcy protection on Tuesday, have also been taken over by the Bahamian government.
On Thursday evening, the Securities Commission of The Bahamas announced that it had authorized the transfer of all of FTX Digital Markets’ digital assets, which are now being sent to a digital wallet under its control for “safekeeping.”
