Categories
Audio Sources - Full Text Articles

The New York Times, Stanford University, Coinbase and Netflix are among FTX’s laundry list of creditors, court filing shows

Sam Bankman-Fried

om Williams/CQ-Roll Call Inc via Getty Images

  • FTX owes money to media companies, airlines universities, crypto exchanges, and government agencies.
  • The failed exchange has millions of creditors, including Stanford University, Netflix, and Coinbase.
  • FTX attorneys says the bankrupt firm has recovered $5 billion of liquid assets. 

The list of creditors failed crypto exchange FTX owes money to was just released, painting a fuller picture of who was caught in the collapse of Sam Bankman-Fried’s empire. 

FTX owes money to media companies, airlines, charities, universities, cryptocurrency exchanges, and many government agencies, according to a court filing on Wednesday. This includes competing exchanges like Coinbase and Binance, along with news outlets like the New York Times, Wall Street Journal, and Fortune.

Huge firms and institutions like Netflix, fitness company Peloton, and Stanford University are waiting to get funds back from Bankman-Fried’s bankrupt firm. 

Although the list does not say how much money each party is owed, the company has millions of creditors, including FTX customers. The list is 116-pages long and 9.7 million individual names have been sealed off,  per FTX lawyer’s request.

The document was filed by lawyers for FTX as part of the Chapter 11 bankruptcy proceedings in a US court in Delaware.

FTX’s new CEO, John Ray III, said he’s looking into the possibility of reviving the failed exchange and resuming the platform’s normal operations during its bankruptcy process. Earlier this month, FTX attorneys told a Delaware bankruptcy judge that the company has recovered $5 billion of cash, liquid cryptocurrency, and liquid investment securities.

“Everything is on the table,” Ray told the Wall Street Journal earlier this month. “If there is a path forward on that, we will not only explore that, we’ll do it.”

Securing assets to distribute to creditors could be a prolonged process, however, because of FTX’s lack of internal accounting before the company filed for bankruptcy protection.

“I’ve just never seen an utter lack of record keeping,” Ray, who previously oversaw Enron’s restructuring process, said last month. “Absolutely no internal controls whatsoever.” 

Read the original article on Business Insider