The FTX saga continues in an illuminating way. This is particularly true in the form of whom precisely the crypto exchange owes money… And it’s not whom you might think. In fact, there are a number of surprising names on the new list recently published by the federal court overseeing the FTX case in New York City.
Amongst the now public list are more than 100 Bahamian companies. This includes a local bank, two Bahamian law firms, and several security firms listed among the myriad of creditors.
The 115-page document outlining the list of creditors was filed late on Wednesday by lawyers for FTX. It revealed that the collapsed crypto exchange owed money to thousands of companies across the globe. The list includes banks, charities, airlines, media outlets, and government agencies. The amount owed to each individual creditor was, however, not listed.
Which Companies Backed FTX?
The Ministries of Finance, Works and Utilities, Environment and Natural Resources, the Office of the Attorney General, and Ministry of Legal Affairs were listed.
Other local FTX creditors include Automated Services Ltd, A+ Pest Control, Automated Services Ltd Pyfrom Road, Bahamas Airport Advertising Ltd, Bahamas Asset Tracking Dowdswell Street, Bahamas Environmental Group Ltd, Bahamas Waste Limited, Gladstone Battery & Tyre Specialists, Cable Bahamas, Design Strong Studio, Fidelity Bank (Bahamas), Omega Motors, Transformations Landscape, and Viridian Development Group.
Several security firms were also listed, namely Falcon Security Company, Park Ridge Security, Harding Security, and Long Watch Security Firm and Consultants. The law firms of Clement Maynard and Co and Glinton Sweeting O’Brien also appeared on the list of FTX creditors.
Environmental non-profit Bahamas Reef Environment Educational Foundation (BREEF) was also listed.
Earlier this month, FTX’s founder Sam Bankman-Fried pleaded not guilty in a Manhattan federal court. He’s charged with defrauding investors and illegally diverting a massive amount of customer deposits to his Alameda Research crypto hedge fund for his own personal benefit and to help grow his crypto empire.
Other News About Bankman-Fried’s Trial
A tentative trial date of October 2. Bankman-Fried, 30, has been under house arrest at his parents’ California home on a $250 million bond. Bankman-Fried was arrested at his Albany apartment complex on December 12, 2022. Albany Hotel, Albany Resort, and Albany Resort Operator Ltd are all listed as FTX creditors.
Earlier this month, FTX Trading Ltd and its affiliated US debtors announced that they had come to terms for “mutual cooperation” with the Bahamian-appointed joint provisional liquidators in their recovery efforts. This ended a weeks-long courtroom standoff over access to vital information regarding the collapsed crypto empire.
FTX announced yesterday that the agreement would see cooperation between both sides in the Chapter 11 cases in Delaware and the provisional liquidation of FTX Digital Markets (FTXDM) in The Bahamas.
What Assets Have Been Seized from FTX?
The presentation highlights that a total of approximately $5.5 billion of liquid assets have been identified. This includes $1.7 billion of cash, $3.5 billion of crypto assets, and $0.3 billion of securities. The presentation also provides details with respect to the assets and property of the FTX Debtors. This includes cash, digital assets, investment securities, real estate, investments, businesses, and other properties.
FTX Digital Markets was placed into provisional liquidation by the Supreme Court of The Bahamas on November 10. The Supreme Court appointed Brian Simms KC, of Lennox Paton, Kevin Cambridge, of PwC Bahamas, and Peter Greaves, of PwC Hong Kong, as the Joint Provisional Liquidators.
Sorry, Mr. Wonderful, it doesn’t look like the shark will be getting his money back any time soon.
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