FTX, a cryptocurrency exchange that filed for bankruptcy protection in the United States, disclosed that it owes its 50 largest creditors approximately $3.1 billion.
The exchange said in a court statement on Saturday that it owes approximately $1.45 billion to its top 10 creditors without naming them.
On November 11, FTX and its affiliates filed for bankruptcy in Delaware in one of the most high-profile crypto-related failures, leaving an estimated one million clients and other investors with losses in the billions of dollars.
The cryptocurrency exchange announced on Saturday that it has begun a strategic evaluation of its global assets and is ready to sell or reorganize certain operations.
Along with approximately 101 associated companies, FTX sought court intervention to enable the functioning of a new global cash management system and payment to its essential vendors.
John Ray, the company’s new chief executive officer, stated that FTX would investigate sales, recapitalizations, and other strategic transactions for some of its subsidiaries.
In a court filing on Saturday, FTX requested permission to pay up to $9.3 million in prepetition claims to its important vendors following the entry of an interim order and up to $17.5 million following the entry of the final decision.
The exchange stated that if the requested court relief is not granted, its businesses will suffer “immediate and irreparable harm.”
Two months ago, Forbes projected that Bankman-Fried, a 30-year-old crypto professional, was worth approximately $17 billion. His current dilemma represents a swift reversal.