Firsttft: FTX companies owe the largest creditors more than $ 3 billion

The business of Sam Bankman-Fried owe to its greatest creditors, according to court records, more than $ 3 billion, while the huge insolvency proceedings of the cryptocurrency group starts.

The crypto exchange founded by Bankman-Fried and yesterday submitted a list of their 50 largest creditors who are all customers and owe more than $ 20 million, with two of them due to more than $ 200 million. According to earlier documents, the overall liabilities of the companies are estimated to be more than $ 10 billion, and there can be more than 1 million creditors.

The publication of the list in the context of the insolvency procedure according to Chapter 11 in Delaware had delayed itself because insolvency administrators had difficulty finding reliable records at the FTX group that collapsed this month after a liquidity crisis and allegations of abusing customer funds. The collage of the crypto exchange prompted the former FDIC boss Sheila Bair to request crypto regulation in accordance with applicable law.

John Ray III, the bankruptcy expert, who took control of the business and supervised Enron's liquidation, said in previous submissions that he had never seen "such a complete failure of corporate controls and such a complete lack of trustworthy financial information". Ray also noted that the group would give priority to restructuring or a sale.

Talk to the Westin and online with managers such as the Minister of Commerce and Industry of Singapore, the deputy chairman, CEO and Executive Director of Mewah International Inc. and others about the future of the raw material industry. register here for your personal or digital passport.

Five other stories in the news

1. The Malaysian elections bring the first parliament to fail rival political leaders fight for a majority after the elections made Malaysia's first parliament to fail this weekend. The ninety-year-old ex-Prime Minister Mahathir Mohamad lost his seat, and the lack of a clear winner will make the efforts of the Southeast Asian economy difficult to cope with the slow growth and increasing inflation.

2. Elizabeth Holmes for over 11 years in prison sentenced The founder of the failed start-up company Theranos for blood test was sentenced by the public prosecutor's office as one of the "most serious" economic crimes in the USA for 135 months. Holmes, who is 38 years old and pregnant with her second child, will compete in April.

3. Turkish jets grab Kurdish militant after a bombing on Istanbul to Turkey started air raids in Syria and Iraq on Saturday evening and Kurdish militant is targeted in attacks in which there is a risk of escalation in the unstable region. The operation took place for a week after the Turkey was responsible for the Kurdistan workers' party for a bomb attack in Istanbul, in which six people were killed, and the declaration of the ministry cited Ankara's right to self -defense in carrying out the attack.

4. Katar's World Cup preparation goes into the extension Construction workers hurried to give the provisional accommodation for football fans the finishing touch at the weekend, while the golf state is preparing to take 1.5 million visitors for the tournament that started yesterday.

5. The dollar falls from its 20-year high, since the US inflation has The US dollar has fallen in the past two weeks, which has fueled speculation that the US Federal Reserve will soon slow down its interest increase, and early signs that the inflation could finally decrease. The Greenback has so far fallen by more than 4 percent compared to a basket of six competitors, so it has been on the way to the largest monthly decline since September 2010.

The day ahead

CBI conference British economic leaders can comment on British politics at the conference of the Confederation of British Industry, which begins in Birmingham today. The speakers include a “high -ranking cabinet minister”, the chairwoman of John Lewis Partnership, Sharon White, and the CEO of the BT Group, Philip Jansen.

Economic indicators China publishes its monthly interest decision, Germany publishes its inflation data for the producer price index (PPI) for October, Hong Kong publishes the inflation data for the consumer price index (CPI) for October and Thailand also has its GDP numbers for Q3.

Corporate results Urban Outfitters and Zoom will publish their Q3 results today; Agilent Technologies publishes its Q4 results; Compass Group and Virgin Money publish their results for the financial year.

American Thanksgiving ceremony President Joe Biden will pardon the National Thanksgiving Truthahn at the annual ceremony in the White House.

what else we read

After the withdrawal of Cherson, the Russians are fighting to understand the war in Ukraine after nine months of war, Russia still describes its activities in Ukraine as "military special surgery". In the middle of the drum spa of the state propaganda, the mood among the Russian citizens is shaped by low concern, according to independent surveys, and many remain with more questions than answers.

Brian Armstrong from Coinbase: "In terms of crypto, I am just as optimistic as ever as ever in the middle of a difficult downturn at Krypto, the founder and CEO of the crypto exchange Coinbase meets FT for lunch, for his ongoing faith in the blockchain, his policy" no policy in work "and why the solution to that Crypto chaos. . . More crypto.

If your boss becomes your banker inevitably , employees bring their financial worries into the workplace. And since the financial worries of people in the middle of the cost of living are increasing, more and more companies are finding paths to offer their employees financial services such as loans or advances. What is the risk?

The family business succession The successor is the most emotionally strenuous question for entrepreneurs, writes John Gapper. And after you have observed for years how companies work, many of the aspiring generation must have noticed that it has disadvantages to be public for everything.

teach from a decade of "Candy Crush" The addictive casino-like puzzle game has generated billions of dollars of income since its introduction in 2012 and its reach is huge-why is it no more culturally talking about it? The error could be in its format and the lack of a central protagonist.

Travel

From mild weather and the romantic places to the casual phrases of the residents, Simon Kuper liked a lot of his year in Madrid.