Collapsed cryptocurrency exchange FTX and its affiliates owe more than $3 billion to its 50 biggest creditors, it said in a court filing Saturday.
FTX filed for Chapter 11 bankruptcy in Delaware on Nov. 11, and there could be more than 1 million creditors and investors who lost funds.
John Ray III, who was appointed to take over before the resignation of former CEO Sam Bankman-Fried, reported a “complete failure of corporate controls” at FTX Group.
He said that “substantial” FTX assets may be “missing or stolen,” and that corporate funds were used for homes and personal purchases with little to no record-keeping.
FTX Group on Saturday announced FTX and some 101 affiliated companies were launching a “strategic review of their global assets to begin to maximize recoverable value.”
The sudden collapse of FTX has sparked calls for regulation, with both houses of Congress set to take up hearings on the matter.
