In a hearing on Wednesday, a document released with all institutional creditors of the fallen FTX. The document is organized in alphabetical order and is 116 pages long. The document shows just how far FTX’s tentacles reached and shows hundreds of entities that felt and are still feeling the aftershock. The creditors include several large companies from and outside the crypto industry.
From banks to media platforms
The document therefore only provides information about institutional creditors. These range from banks such as Silvergate and CitiGroup, to media outlets such as the Wall Street Journal and Coindesk, and major corporations such as Apple, Netflix, Reddit, Coinbase and Blackrock. Information about how much money each institution had invested in FTX is not yet known.
Institutional creditors are only a fraction of all creditors who have made claims against FTX. Earlier estimates were made by FTX lawyers that the sunken exchange could have up to 1 million creditors. Nevertheless, it can be expected that the institutions account for the lion’s share of the debt.
It was previously made public that the top 50 creditors together account for more than $ 3 billion. No specific names were disclosed. For the time being, it is therefore unknown to what extent the institutions in the document have been damaged by the FTX fiasco. It does show how widespread FTX has been.
FTX attacks Binance
This week the FTX story got another interesting tail. Binance CEO Changpeng “CZ” Zhao claimed that FTX spent tens of millions to take down Binance in the months before its demise. According to CZ, FTX paid $ 43 million to news platforms to write negative news about Binance.
The reports included the alleged fact that Binance does not have good reserves. According to CZ, this is all nonsense, and Binance is “healthy.” CZ is now used to all the ‘FUD’ that Binance has received over the years. He regrets it, but certainly does not expect it to slow down the exchange.