FTX, presented the stock market’s first substantive opinion on the bankruptcy process days after the bankruptcy declaration. However, according to a court filing that tried to explain the company’s bankruptcy, FTX’s 1 million may have more creditors.
FTX’s New Administration May Have More Than 1 Million Creditors In Contact With Regulators, According To New Files
The document, submitted to the federal court database system PACER late Monday, provided a real glimpse into the crypto exchange’s last day before filing for bankruptcy and its first few days in the process.
FTX’s new CEO, veteran bankruptcy examiner John J. Ray III, works with legal, cybersecurity and forensic advisors on the company’s numerous subsidiaries and related bankruptcy processes.
FTX also reports to FTX Trading that former District Judge Joseph Farnan; Mitchell Sonkin to West Realm Shires Inc; Appointed new directors, including Matthew Rosenberg at Alameda Research and Rishi Jain at Clifton Bay Investments.
FTX filed for bankruptcy Friday morning, saying it has between $10 and $50 billion in assets and liabilities and more than 100,000 creditors. However, the undetermined figure is thought to be over 1 million.
Monday’s filing did not address the question of what assets or liabilities the exchange can currently claim. But the new leadership team is reportedly working to “secure and collect” its assets.
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“FTX faced a serious liquidity crisis last Friday that required urgent filing of these bankruptcy cases.
Bankman-Fried resigned from his position the day FTX filed for bankruptcy.
*Not investment advice.