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One million creditors are waiting in line following FTX crash

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1 million creditors

One million creditors impacted following the recent FTX collapse

The recently-collapsed Crypto exchange platform, FTX could have more than 1 million creditors, as regulators open investigations.

FTX outlined a “severe liquidity crisis” in U.S. bankruptcy filings. The whole saga has prompted lawmakers to call for clearer rules on how the industry operates.

“FTX faced a severe liquidity crisis that necessitated the filing of these cases on an emergency basis last Friday,” the documents say. “Questions arose about Mr Bankman-Fried’s leadership and the handling of FTX’s complex array of assets and businesses under his direction.”

The company is in contact with financial regulators and has appointed five independent directors at each of its main companies.

The exchange was one of the world’s largest and filed for bankruptcy protection on Friday.

It’s one of the biggest crypto blowups ever. Panicked traders withdrew a whopping $6 billion from the platform in just 72 hours when the news broke.

FTX founder and former chief executive Sam Bankman-Fried says he expanded the business too quickly and failed to notice signs of trouble.

According to the filings at the bankruptcy court in the state of Delaware, Bankman-Fried stepped down from his role at 4.30am on Friday, following “consultation with his own legal counsel”.

The filing says the new leadership has been in contact with a number of agencies. These include “the U.S. Attorney’s Office, the U.S. Securities and Exchange Commission, and the Commodity Futures Trading Commission.” This is alongside dozens of federal, state and international regulatory agencies.

William is an Executive News Producer at TICKER NEWS, responsible for the production and direction of news bulletins. William is also the presenter of the hourly Weather + Climate segment. With qualifications in Journalism and Law (LLB), William previously worked at the Australian Broadcasting Corporation (ABC) before moving to TICKER NEWS. He was also an intern at the Seven Network's 'Sunrise'. A creative-minded individual, William has a passion for broadcast journalism and reporting on global politics and international affairs.

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Crypto

FTX creditor list goes public

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New court filings have shown crypto exchange FTX owes money to several companies

These include Apple, Binance, Coinbase and Netflix, among others.

The names were revealed on the extensive FTX creditor list that went public today.

The 116-page document displays a host of well-known corporations and distinguishes the immense reach of FTX.

Institutions, media companies, and fellow cryptocurrency exchange platforms are the list, as well as almost 10 million redacted customer names.

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Business

Binance processed over $340m in Bitzlato funds

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Binance processed over $340 million in Bitcoin for the Bitzlato digital currency exchange, whose founder was arrested last week for money laundering.

 
The U.S. Justice Department revealed Bitzlato processed $700 million dollars in illicit funds.

Bitzlato didn’t do proper background checks on clients, when asking for IDs.

Binance is among the top three counterparties by the amount of bitcoin it received between May 2018 and September 2022.

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Crypto

FBI confirms North Korean heist from U.S. crypto firm

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The groups used a privacy protocol called Railgun to launder over $60m worth of Ethereum stolen during the theft, according to an F.B.I. statement.

A portion of the stolen Ethereum was subsequently sent to several virtual asset providers and converted to Bitcoin.

North Korea’s theft and laundering of virtual currency is used to support its ballistic missile and Weapons of Mass Destruction programs.

In June 2022, Harmony said that a heist hit its Horizon bridge, which was the underlying software used by digital tokens such as bitcoin and ether for transferring crypto between different blockchains.

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