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FTX crypto exchange owes biggest creditors $3.1bn

According to a court filing, cryptocurrency exchange FTX owes its top 50 creditors nearly $3.1 billion (£2.6 billion).

The embattled company, which filed for bankruptcy in the US last week, says it owes about $1.45 billion to its top 10 creditors, but hasn’t named any.

The collapse of the world’s second largest crypto exchange shook confidence in the already struggling cryptocurrency market.

This also led to the resignation of stock exchange chief Sam Bankman-Fried.

FTX’s earlier bankruptcy filings showed more than a million people and businesses could be owed money after the collapse.

On Saturday, FTX announced it had launched a review of its global assets and was preparing to sell or restructure some businesses.

A court hearing before a US bankruptcy judge is scheduled for Tuesday.

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It’s unclear how much people who have funds in the exchange will get back at the end of the bankruptcy proceedings, although many experts have warned it may be a small fraction of what they put into the firm.

Last week, new FTX chief John Ray slammed the way the failed crypto exchange was run, saying he had “never seen such a complete failure of corporate controls.”

Mr Ray, replacing Mr Bankman-Fried, criticized a “complete lack of trustworthy financial information”.

Mr Bankman-Fried told news website Vox he regretted filing for bankruptcy and said the decision largely took financial matters away from his control. He also expressed contempt for financial regulators.