FTX Owes Big Creditors $3.1bn

Following the company’s filing for bankruptcy in the US , it owes about $1.45bn to its 10 largest creditors. The fall of the world’s second largest crypto exchange spread uncertainty in the already shaky cryptocurrency market.

There are more than one million people and businesses that could be owed money following FTX’s bankruptcy. The company is launching a review of its global assets and is currently preparing for the sale or reorganisation of some of its businesses. Thousands of its users are still waiting to get their money back.

A senior Bank of England official has said that better regulations are needed to protect the financial system after the collapse of the crypto exchange.

“We should not wait until it is large and connected to develop the regulatory frameworks necessary to prevent a crypto shock that could have a much greater destabilising impact.

“The experience in other areas of digitalisation has demonstrated the difficulty of retrofitting regulation on new technologies and new business models after they have reached systemic scale,” he commented at a Warwick Business School event.

FTXCryptocryptocurrency exchange