FTX companies owe more than $ 3 billion to the largest creditors

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 FTX crypto tour founded by Bankman-Fried submitted a list of their 50 largest creditors on Sunday, which are all customers and two more than $ 200 million are due. 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 insolvency procedure according to Chapter 11 in Delaware had delayed because insolvency administrators had difficulty finding reliable records at the FTX group that had collapsed at the beginning of this month after a liquidity crisis and accusations that they had abused customer funds.

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".

ftx said that the list of creditors may have to be updated as "investigation" [s] with regard to the amounts listed, including payments that may have been made, but not yet on which [Company’s] books and records ".

The submissions show that FTX owes 10 customers more than $ 100 million. The 50 most important creditors whose names are blackened in the submission are all due to more than $ 20 million. FTX said in previous court files that the disclosure of the names of his large account owners would be damaging to competitive.

FTX customers were large financial groups who acted with cryptocurrencies, such as hedge funds. In contrast to traditional stock exchanges, trading places for cryptocurrencies usually also take care of customer money. Customers who could not withdraw their money before the company stopped the payments must now wait a long time for them to get their assets back.

In other recent recent insolvency cases of cryptocurrencies, in which Voyager Digital and Celsius Networks were involved, there was an important legal question in determining whether account holders are unsecured believers or have a higher priority status in the determination, who first receives recovery payments. Another question that will likely arise is whether account holder who has withdrawn your money shortly before the bankruptcy request is subject to recovery.

The collapse of the stock exchange, which was viewed as one of the most reliable trading places for digital assets up to this month, has fueled fears that other companies could be at risk through their commitment to FTX and a crisis of trust.

The Silvergate stocks, a US bank known for their crypto engagement, fell by around 30 percent last week. The bank said it "the liquidity and capital rates to support volatility".

The Hedge Gfound Galois Capital announced its customers at the beginning of this month that "about half of our capital was bound to FTX". Based on the Galois' managed assets in June, this could amount to around $ 100 million.

In a further submission on Saturday, FTX said that the company has 330 employees all over the world, but experience "extraordinary fluctuation". The court asked for permission to further pay the remaining employees, who in his opinion were of crucial importance for the case of bankruptcy.

ftx announced in court files that the new CEO Ray will charge its time with $ 1,300 per hour and was paid to him an advance fee of $ 200,000. It also hired three new managers to help bankruptcy, including a chief financial officer.

A first trial is scheduled for Tuesday morning in the Federal Inclusion Court in Delaware in front of judge John Dorsey.