Cryptocurrency platform FTX, which went bankrupt in November 2022, owes money to many people. A new document shows the extent of the platform’s debts: it includes some of the most important tech companies among its creditors.
The list is 116 pages long, the names written in lower case, almost illegible. The document, which brings together all the companies to which FTX owes money, was made public on January 25, 2023 and shows the extent of the cryptocurrency exchange’s losses.
In all, FTX owes money to one million creditors. An impressive figure, at the height of the company’s bankruptcy in November 2022, which took part of the cryptocurrency sector with it. But more than the number of creditors, which was already known, it is the names of the latter that the new document reveals. The long list shows that many tech companies are involved and that FTX also owes money to French banks.
What does the list contain?
Until November, FTX was one of the most respected firms in the cryptocurrency industry and was the second largest digital currency exchange in the world, right after Binance. But after the publication of an article questioning the management of the company’s funds, setbacks followed and forced the company, within just a week, to close.
A lawsuit has since been filed against former FTX executives and the company’s accounts have been scrutinized, in order to recover as much cash as possible and pay back the many companies to which FTX owes money. In all, the platform would be indebted to the sum of 8 billion dollars.
The list of creditors is therefore very, very long. But it is also revealing of the ties that FTX had built around the world, and in particular of its proximity to technology companies. Apple, Netflix, Amazon, Meta, Google, LinkedIn, Microsoft and Twitter are among the creditors, along with The New York Times and The Wall Street Journal. According to CoinTelegraphwe even find the specialized media CoinDesk in the list, the same one that published the article that led to the fall of FTX.
The world of cryptocurrencies, of course, is not spared. We already knew that the bankruptcy of FTX had led to that of Genesis, but with this list we discover new names of creditors. The exchange platform Coinbase appears, as well as Yuga Labs, the founders of the NFTs Bored Ape Yacht Club, Chainalysis and even the subsidiaries of Binance, the large rival platform of FTX.
French companies are also part of this list, such as BFMTV noticedincluding banks BNP Paribas, Crédit Agricole (only the US branch in New York is mentioned), Société Générale or Groupe BPCE, which is the central body common to the Banque Populaire and the Caisse d’Épargne Française “.
While we can figure out the impact FTX’s bankruptcy has on the world with this list, however, we’re missing one crucial piece of information: We don’t know how much FTX owes each creditor. Impossible for the moment to say how much Netflix and Meta are affected – and we may never know.
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