FTX, the cryptocurrency platform founded by super-donor Sam BankmanFried, recently filed for bankruptcy. According to reports, it owed $3.1 million to its 50 biggest creditors.
The Guardian reports that fifty of FTX’s biggest creditors are owed $3.1 billion by the exchange, which collapsed last week, according to a court filing. According to a court filing, the exchange stated that $1.45 Billion was owed by its 10 largest creditors. The biggest creditor of the exchange owed $226 Million.
According to FTX and its affiliates’ recent bankruptcy filing, one million creditors are left in the dark about how much money they’re owed because of alleged poor record-keeping. According to the company, at least 101 businesses around the globe are involved in the bankruptcy proceedings.
Concerns over FTX’s solvency sparked a surge in withdrawals, exposing that it did not have billions of dollars worth of assets as it claimed, striking a huge blow to the world’s second-largest exchange.
Breitbart News has recently covered some of the strangest revelations regarding the FTX bankruptcy filing. It is interesting to note that this company also bought properties. “personal items”Executives
Bankman-Fried was a resident of a penthouse at a resort in The Bahamas where FTX also resides. Corporate FTX funds were also located there. “were used to purchase homes and other personal items for employees and advisors,”According to bankruptcy filings.
Ray pointed out that transactions regarding real estate purchase and loan were not documented and they are recorded only in the name of advisers and employees.
Bankman-Fried has since put his 12,000-square ft. penthouse in the Bahamas up for sale for nearly $40 million.
Breitbart News recently reported that in October 2018, FTX raised $420 million from a range of well-known investors in order to improve user experience, increase the firm’s reach, and establish a better relationship with regulators.
The Wall Street JournalWe reviewed FTX financial records, and talked to people who were familiar with the transaction, to discover that almost three quarters of $300 million raised went to Sam Bankman Fried, founder of the exchange.
According to people familiar with the matter, Mr. Bankman-Fried’s cashout was large even by Silicon Valley startup-world standards, where such sales were historically considered unacceptable as they allowed founders to profit before investors. According to Bankman-Fried, he bought out rival Binance’s stake in FTX a few months prior to the transaction and reimbursed investors part of the money he had spent.
Read more at the Guardian here.
Breitbart News reporter Lucas Nolan covers issues related to free speech, online censorship and other topics. Follow him on Twitter @LucasNolan
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