Market Analysis Report (21 Nov 2022) PlatoBlockchain Data Intelligence. Vertical Search. Ai.

Market Analysis Report (21 Nov 2022)

Embattled cryptocurrency exchange FTX has said it owes almost $3.1 billion to its 50 largest creditors, and around $1.45 billion to its top 10 creditors, without naming any. The exchange filed for bankruptcy in the US earlier this month.

The collapse of the trading platform occurred after a leaked Alameda Research balanced sheet revealed the firm, which was FTX’s sister company, relied heavily on the exchange’s FTT tokens. After leading exchange Binance announced it was divesting its FTT stake, a bank run on the exchange led to its bankruptcy.

FTX’s previous filings reveal the exchange has more than one million creditors, and a court hearing before a US bankruptcy judge has been set for Tuesday. The exchange said over the weekend it launched a review of its global assets, and was preparing for the sale or reorganization of some businesses.

Newly appointed FTX CEO John Ray has said he had never “seen such a complete failure of corporate controls” when commenting on how the exchange was run. Ray criticized a “complete absence of trustworthy financial information.”

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