Delaware Court Releases A Long List of Institutional Investors that Credited FTX
The FTX and Alameda implosion, which has been described as the fastest big corporate failure in American history, affected international government agencies, media corporations, airlines, and manufacturing companies, among many others. Judge John Dorsey, who is overseeing the bankruptcy proceedings, allowed the FTX lawyers to publish a list of institutional investors that credited money to the failed crypto exchange.
Some of the notable names include Mercedes Benz, American Airlines, Bloomberg Finance, Binance, Coinbase Global, and Microsoft among others. However, the Judge allowed the names of the FTX individual creditors to remain sealed for another three months, as more hearings take place.
Notably, the long list of FTX institutional creditors does not include the amount of capital invested. However, it can be assumed to cumulatively be in billions of dollars, with the top 50 creditors claiming about $3.1 billion. With the list containing 116 pages, hundreds of institutional investors are looking at John J Ray III and SBF to produce much-needed answers.
FTX Messed Up Big Time
The FTX collapse has instilled a lot of fear in centralized crypto exchanges and also reduced cash inflows in the blockchain industry. The FTX case has been complicated by the fact that SBF donated millions of dollars to U.S. politicians on both sides of the aisle. Nonetheless, millions of FTX individuals-creditors and institutional investors are wailing for Justice.
However, the investigators have a challenging time recovering all the FTX assets. Moreover, John Ray has indicated in previous hearings that there is a possibility that some FTX crypto wallets are still missing and may never be recovered.
As such, the crypto market is expected to receive clamouring regulations as lawmakers around the world try to contain greed.