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- Government entities and businesses worldwide made it into a 115-page long list.
- When filing, FTX showed only the top 50 creditors, with $3 billion owed in the documents.
- FINMA denies any connection and shows no reason to be on the list.
FTX-saga has been a black swan event in crypto history, and such events often have many aspects being looked for to understand. FTX has already declared bankruptcy and owes numerous institutions, government entities and investors billions of dollars. Recently FTX published a 115 pages long list of creditors with some information redacted.
The extensive list includes the names to which they owe money, to institutions like Airbnb, Amazon, Apple, Worlds biggest crypto exchange, Coindesk, Linkedin, the Wall Street Journal (WSJ) etc., to no surprise, the list also encompasses some United States government entities like the Internal Revenue Services (IRS), and the Treasury’s Financial Crimes Enforcement Network (FinCEN).
What more does this list include?
FTX published its creditor ledger on January 24, 2023. Including government agencies from around the globe, like Switzerland, Japan, Hong Kong, and the United States. Along with the multitude of businesses like Alibaba, Allied Sports, Meta, Twitter, Microsoft, Blue Bottle Coffee, Google, Bitstamp, Bonham Capital, Infura, Bitgo, Lightspeed Strategic Partners, Inca Digital, Mercedes-Benz, Long Watch Security, Noruma, Messari, Stanford University, Fox News, and O’Leary Productions.
Along with the US government agencies like IRS and FinCEN, the list includes numerous state tax collectors from different states. Three major airlines, hotels, nonprofits and software companies providing cloud services also made a list. FTX’s home turf, the Bahamas, also made it to the list, with many businesses spurring around the campus.
Is the list Legit?
More than 9.69 million names of FTX customers were redacted. Although the list portrays a different picture, at the time of filing the chapter 11 bankruptcy on November 11, 2023, in Delaware, documents showed only the top 50 creditors and an estimated $3 billion.
The names on the list and the details provided are under the radar. Though the court filing suggests that the FTX owed many creditors, it does not clarify that the entity or the institution ever leveraged the FTX exchange to trade crypto.
Swiss regulatory authority FINMA had its name on the list; speaking to the media, they said there is no reason for them to be on the list as FINMA “was not a client of FTX and had not acted on its platforms.”
Why publish the list Now?
The bankrupt crypto exchange is going through a very tough time; the probable reason would be that the exchange wants to come out right and square, clearing any bad image created due to recent events. An honest attempt to regain the trust.
Another assumption is that this attempt could be a distraction tactic, as magic shows the audience is distracted towards an illusion while the act is being performed elsewhere. Any assumptions or theories are welcome with the legitimacy of names and the absence of customers’ names under question.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
