Court Documents Show FTX Creditors Include Netflix, Apple And Coinbase

Late Wednesday, the financial advisors for the FTX crypto exchange disclosed the list of the institutional creditors of the bankrupt company in a court filing.

The document highlights the names of companies that FTX owes money to, which gives an expansive idea of the firms that were hit by the exchange’s bankruptcy.

The document

It should be noted that the list of creditors has been alphabetically announced and comprises more than 100 pages, which highlights just how extensive the impact of the exchange’s collapse is.

It includes names of tech companies, from WeWork to Apple, along with a number of media publications like CoinDesk and Wall Street Journal.

However, the list did not mention the specific amounts in dollars as to what every company is owed by the exchange, nor did it provide any information about individual customers.

There were a total of 9.6 million individual customers who had been redacted. Just because a company’s name is listed does not mean that it had an account on the FTX platform.

The collapse of FTX

Once FTX was one of the most dominant players in the crypto industry, but the exchange collapsed after a bank run in November.

Due to the liquidity crisis, the crypto exchange had been forced to admit that it did not have fully backed customer assets.

It made a last-ditch effort to sell itself to its major rival, Binance, but that deal also fell apart, forcing the company to file for bankruptcy.

Since then, Sam Bankman-Fried, the former CEO and co-founder of the firm have been arrested and eight charges have been filed against him related to the downfall.

So far, the unwinding of the exchange has proven to be rather complicated and long, with the restructuring of the company in the hands of John J Ray, the former liquidator of Enron.

The list

Last Friday, the creditor list received approval in Delaware under Judge John Dorsey, as that is where the bankruptcy case was filed.

Earlier in the case, lawyers for FTX had estimated that the company could have more than 1 million creditors.

Court documents had previously revealed that FTX owed a whopping $3.1 billion to its top 50 creditors alone, but no specific names had been mentioned.

The specific filing had clarified that the top ten creditors of the exchange have unsecured claims of about $100 million each.

The matrix revealed on Wednesday includes various companies that are part of the crypto industry, such as Chainalysis, Silvergate Bank, Coinbase, Doodles, Binance Capital Management, and Yuga Labs.

The list of creditors also included Reddit, which launched NFT avatars last year on its platform, which are based on the Polygon blockchain.

However, Silvergate is just one of the numerous banks that are mentioned, as there are other names like Wells Fargo and CitiGroup also included.

There is also a mention of companies that had invested in the venture, such as Sequoia Capital and Blackrock.

In some cases, the FTX could owe the companies mentioned for their goods and services.