Apple, Netflix, Meta, and Many Others Caught Up in FTX Saga

UTC by Mayowa Adebajo · 2 min read
Apple, Netflix, Meta, and Many Others Caught Up in FTX Saga
Photo: Unsplash

The firm’s creditors range from tech companies to hoteliers, airlines, and even government-owned entities in the US and foreign countries.

As the FTX saga continues unraveling, more revelations are coming to the fore about the bankrupt exchange. In one of the latest developments, a court document has revealed the complete list of FTX creditors. Surprisingly, they are not all tech firms.

According to a creditor matrix filed by FTX lawyers late Wednesday night, the firm’s creditors range from tech companies to hoteliers, airlines, and even government-owned entities.

FTX Saga: Creditors

In the 115-page document, FTX mentioned top tech giants like Apple, Amazon, Meta, LinkedIn, Twitter, and many more. It also listed some notable crypto and Web 3.0-based firms. They include Circle, Yuga Labs,  Coinbase, Sky Mavis, Chainalysis, Galaxy Digital, Yuga Labs, Bittrex, Messari, and some subsidiaries of Binance.

FTX also owes money to several media firms including The Wall Street Journal, CoinDesk, and The New York Times among others. Some of the government entities it owes include the federal Internal Revenue Service (IRS) in the United States, and some foreign government agencies in places such as Hong Kong and Australia among others.

Interestingly, however, the list only details its institutional creditors and doesn’t reveal the exact amount FTX owes each one of them.

Meanwhile, the firm did not specify the details of its individual customers in the document. However, that might simply be for the sake of publication since they are nearly 9.7 million in number.

How The Mighty Fell

Without a doubt, FTX was once a dominant force in the crypto league. However, things never quite remained the same after a bank run on the exchange led it to admit customer assets were not fully backed as it previously claimed. The once-glorified firm finally crumbled in November,  eventually filing for bankruptcy.

Meanwhile, in December, a former employee of the bankrupt business publicly revealed what may have been the cause of FTX’s downfall. In a long Twitter thread, the ex-employee said that the business engaged in “moronically inefficient” luxury expenditures. And somehow, the recent list of creditors may be pointing out that the employee was right all along.

There were glimpses of excessive expenditures on the list that included the names of multiple luxury hotels around the world, Airbnb, Uber Eats, and so on.

Although the company’s founder, Sam Bankman-Fried, has since been arrested and charged on eight counts,  the bankruptcy process of FTX is proving to be a very complicated one.

Blockchain News, Cryptocurrency news, News
Mayowa Adebajo

Mayowa is a crypto enthusiast/writer whose conversational character is quite evident in his style of writing. He strongly believes in the potential of digital assets and takes every opportunity to reiterate this. He's a reader, a researcher, an astute speaker, and also a budding entrepreneur. Away from crypto however, Mayowa's fancied distractions include soccer or discussing world politics.

Related Articles