Crypto Exchange – FTX with Billions in Debt – Economy

According to its own statements, the insolvent crypto exchange FTX owes its top 50 creditors almost $3.1 billion. The top 10 lenders alone would account for about $1.45 billion, according to US court documents released over the weekend. FTX and its affiliates filed for bankruptcy in Delaware on Nov. 11 after customers dumped en masse in response to the covert movement of $10 billion in deposits. About a million customers are said to be affected by the spectacular bankruptcy. According to court documents, a class action lawsuit has been filed against Sam Bankman-Fried in Miami. The interest-bearing cryptocurrency accounts offered by FTX should not have been offered in the United States due to a lack of a license, the lawsuit said. In addition to Bankman-Fried, the plaintiffs are also seeking damages from football star Tom Brady and tennis player Naomi Osaka. The two would have supported FTX as advertising characters.

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