FTX owes creditors more than $3 billion, according to a new bankruptcy filing, as the saga of the cryptocurrency exchange's collapse continues.
While the filing, which listed FTX's top 50 unsecured creditors, did not disclose the names and other identifiable information of the parties involved, it did offer a scope the the potential losses FTX's clients--the largest of them being owed more than $226 million and its fiftieth-largest being owed around $21 million.
According to the filing, FTX's top ten creditors have more than $100 million each in unsecured claims--equal to more than $1.45 billion combined.
Notably, the third-largest unnamed creditor is listed in the filing as being owed around $174 million. While unconfirmed, crypto lender Genesis recently disclosed it had roughly $175 million in funds locked in its FTX trading account.
"As part of our goal in providing transparency around this week's market events, the Genesis derivatives business currently has ~$175M in locked funds in out FTX trading account. This does not impact our market-making activities," Genesis wrote in a tweet on Nov. 10.
The debt does not involve anything owed to company insides and is subject to change as more information becomes available, the filing stated. However, this creditor declaration could just be scraping the surface of what the exchange owes, with a previous filing highlighting that FTX's creditors could total over 1 million.
Once valued at $32 billion, FTX collapsed in a matter of days earlier this month after Binance CEO Changpeng Zhao announced his crypto exchange would liquidate its FTT token (the native token of FTX), which led to a liquidity crunch at FTX.
Since then, FTX founder Sam Bankman-Fried has stepped down as CEO when the company filed for bankruptcy. The collapsed exchange is also under investigation by the U.S. Securities and Exchange Commission and the Department of Justice.
The cryptocurrency market has been impacted by several high-profile collapses throughout this year. Earlier this year, the fall of the stablecoin terraUSD set off a domino effect that led to the collapse of major hedge fund Three Arrows Capital.
This latest collapse is expected to continue impacting the broader market as the scope of FTX's debts are unsurfaced. Currently, the price of Bitcoin is hovering around $16,000, down more than 65% year-to-date.