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Sam Bankman-Fried’s business owes more than $3 billion to its largest creditors, according to court filings, as the cryptocurrency group’s massive bankruptcy process begins.
Cryptocurrency exchange FTX and associated companies founded by Bankman-Fried provided a list of its 50 largest creditors yesterday, all of whom are clients with more than $20 million, two of which are owed more than $200 million. The companies’ total liabilities are estimated at more than $10 billion, according to past filings, and they may have more than 1 million creditors.
Publication of the list has been delayed as part of Chapter 11 bankruptcy proceedings in Delaware as bankruptcy practitioners struggled to find reliable records at FTX Group, which collapsed this month after a liquidity crisis and accusations that it mishandled client funds. The cryptocurrency exchange group has caused former FDIC chief Sheila Beer to call for crypto to be regulated under existing law.
John Ray III, the company’s bankruptcy expert who oversaw the liquidation of Enron, said in previous filings that he had never seen “such a complete failure of company controls and such a complete absence of trustworthy financial information.” Ray also indicated that the group would prioritize pursuing a reorganization or sale.
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Five more stories in the news
1. Malaysian elections produced the first hung parliament Rival political leaders are fighting for a majority after weekend elections resulted in Malaysia’s first hung parliament. Former Prime Minister Mahathir Mohamad has lost his seat, and the lack of a clear winner will complicate the Southeast Asian economy’s efforts to tackle slowing growth and rising inflation.
2. Elizabeth Holmes has been sentenced to more than 11 years in prison for fraud at Theranos In what prosecutors called one of the “most serious” crimes in the US, the disgraced founder of the failed blood-testing company Theranos has been sentenced to 135 months in prison. Holmes, who is 38 and pregnant with her second child, will begin serving her sentence in April.
3. Turkish planes bomb Kurdish militants after the bombing of Istanbul Turkey launched air strikes in Syria and Iraq on Saturday night, targeting Kurdish militants in attacks that threaten to escalate tensions in the volatile region. The operation came a week after Turkey held the PKK responsible for a bomb attack in Istanbul that killed six people, and the ministry’s statement referred to Ankara’s right to self-defense in carrying out the attack.
4. Qatar’s World Cup preparations are taking extra time Construction workers were scrambling to put the finishing touches on temporary accommodation for soccer fans over the weekend, as the Gulf nation of just 3 million people prepares to host 1.5 million visitors for the tournament, which kicked off yesterday.
5. The dollar is falling from a 20-year high as US inflation eases The US dollar has fallen in the past two weeks, fueling speculation that the Federal Reserve will soon slow down interest rate hikes and providing early indications that inflation may finally be subsiding. The US currency has fallen more than 4 percent against a basket of six peers so far in November, putting it on track for its biggest monthly decline since September 2010.
CBI conference British business leaders will be able to give their views on British politics at the Confederation of British Industry conference, which starts today in Birmingham. Speakers include Cabinet Minister, John Lewis Partnership President Sharon White, and PT Group CEO Philip Jansen.
economic indicators China releases its monthly interest rate decision, Germany releases October PPI inflation data, Hong Kong publishes October CPI inflation data, and Thailand releases Q3 GDP figures today.
corporate results Today’s Urban Outfitters and Zoom results will appear in the third quarter; Agilent Technologies releases results for the fourth quarter; Compass Group and Virgin Money release their financial results.
American Thanksgiving party President Joe Biden will pardon a turkey on National Thanksgiving at the annual ceremony at the White House.
What else do we read?
Russians struggle to understand the Ukraine war after the Kherson withdrawal Nine months into the war, Russia still describes its activity in Ukraine as a “special military operation”. Amid the drumbeat of government propaganda, the mood among Russian citizens is characterized by low-level anxiety, according to independent polls, and leaves many more questions than answers.
Coinbase’s Brian Armstrong: “I’m More Bullish on Cryptocurrency than Ever” Amid the cryptocurrency’s downturn, the founder and CEO of cryptocurrency exchange Coinbase lunched with the Financial Times to discuss his firm belief in blockchain, his “no politics in the workplace” policy, and why the crypto mess is being resolved. . . More encryption.
When your manager becomes your banker Inevitably, employees bring their financial worries into the workplace. And as people’s financial concerns grow amid the cost-of-living crisis, more companies are finding ways to offer financial services such as loans or reimbursement to their employees. What are the risks?
How to succeed with a family business succession John Jaber writes that succession is the most emotionally draining question facing entrepreneurs. And after years of observing how companies operate, many of the younger generation must have noticed that being publicly responsible for everything has disadvantages.
Lessons from a decade of “Candy Crush” This addictive casino puzzle game has brought in billions of dollars in revenue since its launch in 2012 and its reach is huge – why isn’t it being talked about more culturally? The fault may lie with its format and its lack of a central protagonist.
From the mild weather and romantic squares to its residents’ easygoing phrases, Simon Cooper found a lot to love about his year in Madrid.
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