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Federal defense attorney Ronald Chapman discusses the class-action lawsuit filed against FTX and Elizabeth Holmes’ sentencing.
FTX, the cryptocurrency exchange that collapsed earlier this month and filed for bankruptcy protection, said in a court filing on Saturday that it owes its 50 largest creditors more than $3 billion.
The collapsed exchange's top ten creditors are owed about $1.45 billion. The identities of the creditors are redacted.
John Ray III, who was appointed CEO of FTX after founder Sam Bankman-Fried resigned, also said Saturday that the company has launched a strategic review of the exchange's assets.
FILE PHOTO: The logo of FTX is seen at the entrance of the FTX Arena in Miami, Nov. 12, 2022. (REUTERS/Marco Bello/File Photo / Reuters Photos)
FTX was once the world's third-largest exchange with a valuation of nearly $32 billion before a liquidity crisis toppled the company earlier this month. Bankman-Fried announced on Nov. 11 before stepping down that FTX, his trading firm Alameda Research, and affiliated companies would file for bankrupty.
NEW FTX BOSS CONDEMNS BANKMAN-FRIED FOR 'COMPLETE FAILURE OF CORPORATE CONTROLS'
An estimated one million customers and other investors are facing losses in the billions of dollars.
Sam Bankman-Fried, co-founder and former chief executive officer of FTX, in Hong Kong, China, on Tuesday, May 11, 2021. (Lam Yik/Bloomberg via Getty Images / Fox News)
Ray, an attorney who oversaw the $23 billion bankruptcy of energy firm Enron, wrote in a separate court filing this week that he did "not have confidence" in FTX's balance sheets.
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"Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here," Ray said in a filing on Nov. 17.
"From compromised systems integrity and faulty regulatory oversight abroad, to the concentration of control in the hands of a very small group of inexperienced, unsophisticated and potentially compromised individuals, this situation is unprecedented."
Fox Business's Megan Henney contributed to this report, as well as Reuters.
Quotes displayed in real-time or delayed by at least 15 minutes. Market data provided by Factset. Powered and implemented by FactSet Digital Solutions. Legal Statement. Mutual Fund and ETF data provided by Refinitiv Lipper.
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