Top 50 FTX creditors only account for $114M of unsecured claims out of billions lost Top 50 FTX creditors only account for $114M of unsecured claims out of billions lost
If there are billions of dollars to account for within the bankruptcy investigation — which is the case — then the majority of victims are likely retail customers that had non-whale balances.
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Updated: Dec. 19, 2022 at 6:52 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Tthe largest unsecured claim in the FTX bankruptcy case amounts to $36.2 million and none of the top 50 creditors are considered “insiders.”
The total sum allegedly owed to the top 50 creditors is roughly $114 million.
Given the billions of dollars of customer funds allegedly traded between FTX and Alameda, it is unclear as to why the Creditors list comes in so low in comparison. FTX reportedly had over 5 million users at its peak so the top 50 Creditors make up only a part of the story.
Number 50 on the list has an unsecured claim of $220,050; and if there are billions of dollars to account for within the bankruptcy investigation — which is the case — then the majority of victims are like retail customers that had non-whale balances.
FTX Trading Ltd. and its affiliated companies filed the consolidated lists of their top 50 creditors for several debtor companies with the United States Bankruptcy Court for the District of Delaware.
These “Top 50 Lists” include West Realm Shires Inc., Alameda Research LLC, Clifton Bay Investments LLC, and FTX Trading Ltd. The lists are based on currently available creditor information, including customer information that is not currently fully accessible to the Debtors.
The Debtors are working to obtain full access to customer data and are continuing to investigate the amounts listed on the Top 50 Lists.
The names, addresses, and email addresses of the Debtors’ customers have been redacted from the Top 50 Lists due to an Interim Order granting the Debtors the ability to do so on an interim basis.
- Exhibit A, the top 50 largest unsecured claims for West Realm Shires Inc., ranges from $220,050 to $36.18 million.
- Exhibit B, the top 50 Trade Payable claims for Alameda, includes Bloomberg Finance LP and Amazon Web Services (AWS) with unsecured claims of $80,256 and $4.66 million, respectively.
- Exhibit C, the top 50 list for Clifton Bay Investments LLC, is empty.
- Exhibit D, the top 50 largest unsecured claims for FTX Trading Ltd., ranges from $19.85 million to $226.28 million.
Copies of the notice of the filing of the Top 50 Lists can be obtained from the Court’s website or the website of the Debtors’ claims and noticing agent.
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Josh O'Sullivan
Josh has been writing for a decade and is passionate about mainstream crypto adoption, bringing positive financial change to the masses through crypto and decentralized finance as a whole.
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FTX
FTX is a defunct cryptocurrency exchange, currently in bankruptcy proceedings, that was founded by Sam Bankman-Fried and Zixiao “Gary” Wang in May 2019.
Alameda Research
Alameda Research was once a principal trading firm, operating as an arm of the failed crypto exchange, FTX.