- Associated Press - Monday, November 21, 2022

NEW YORK (AP) — The failed cryptocurrency exchange FTX owes more than $3 billion to its largest creditors, the company disclosed in a court filing over the weekend.

The list of the top 50 unsecured claims against FTX gives the public a first glance into the amount of money Sam Bankman-Fried’s companies may owe his customers. The top claim was more than $226 million.

The names, addresses and other information about the claims was redacted by the court.

Bahamas-based FTX filed for bankruptcy on Nov. 11 after the exchange acknowledged that it had used customer funds to cover bad bets by Bankman-Fried’s trading arm, Alameda Research. Since it went into bankruptcy, the lawyers tasked with sorting through the aftermath have described in court filings a company that little risk controls and would use company funds to pay for personal purchases of its employees.

“Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here,” said John Ray III, the new CEO of FTX, in a court filing.

FTX’s lawyers will appear in bankruptcy court on Tuesday for the first hearings.

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