Court Filings Show FTX Owes Money To Apple, Binance, Coinbase, And More

By Kevin • January 30, 2023 3:49 pm • Comments

As the court case for FTX’s recent bankruptcy continues, new details are being revealed regarding the financial situation of the failed exchange.

According to the court filings, FTX owes capital to Binance, Coinbase, Apple, Netflix, and many other big name companies.

The list of creditors that the company has is extremely extensive and even surprised many speculators that there were this many companies that were financially exposed to the crypto firm.

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The entire list is now public for everyone to see and has completely solidified the fact that this could be one of the biggest collapses in the crypto industry to date.

With that being said, it appears that the industry is continuing to thrive which further proves that this is all part of the “growing pains” of a new financial sector that is disrupting the world.

Watcher.guru reports:

Now, as the company is in the midst of its bankruptcy proceedings, the recently publicized creditor list shows FTX owes money to Apple, Binance, Netflix, and many more. The document is 116 pages long and features Universities, airlines, and even charities.

The filing was conducted by the FTX legal team and was a product of the ongoing bankruptcy court proceedings in the U.S. Court of Delaware. The judge on the case, John Dorsey, previously allowed the names of the creditors to remain sealed at January’s hearing. Conversely, he requested a list of institutional investors to be filled by the platform.

That request has led to the list of companies that now see their names on FTX’s seemingly endless creditors. There was a plethora of media companies like the Wall Street Journal, Fortune, Fox, and the aforementioned Netflix. Accompanied by a host of crypto entities like Binance and Coinbase, and even Stanford University and its credit union.

The new CEO of FTX has stated that the company is trying to recover as much of the lost capital as possible to hopefully return to the creditors one day.

Although the full amount will likely not be recovered, it looks like many are hopeful that a significant amount will be able to be retrieved and paid out to customers.

Still, it is expected that this will be a long and drawn out process that will likely last 2 years or more so many will not have access to their assets for a long time.

As for the creditor list, the revealed data does not specifically reveal how much is owed to each creditor but what is known is that the top 50 creditors are owed nearly $3.1 billion.

With so many of the impacted creditors being public companies, this may or may not have an impact on the stock market as well.

Yahoo concludes:

In addition to the above tech behemoths, FTX also may owe money to large airlines, including American, Spirit, and Southwest. Other creditors include the media with The New York Times, VICE, Fox, and CoinDesk among publications listed in the filing. And even universities are on the list, including Stanford, Florida International, and Northeastern.

While the names of individual creditors are currently sealed, the new legal filing lists Gisele Bundchen Charitable Giving. Gisele Bündchen is the ex-wife of Tom Brady, who was previously reported to own more than 1.1 million shares in the now-defunct exchange and appeared in the company’s Super Bowl ad.

The founder of FTX, Sam Bankman-Fried, is currently awaiting trial for fraud in October at his parents’ home in Palo Alto. In early January, he pled not guilty. Lawyers for FTX’s bankruptcy case did not immediately respond to a request for comment.

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