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Bankrupt cryptocurrency exchange FTX owes about $3.1 billion to top 50 creditors

Cryptocurrency exchange FTX that filed for the US bankruptcy court protection said that it owes nearly $3.1 billion to its 50 biggest creditors, reported news agency Reuters on 20 November.

Earlier on 19 November, the bankrupt cryptocurrency exchange in a court filing had said that it owes about $1.45 billion to its top ten creditors, though it did not named them.

FTX and its affiliates filed for bankruptcy on 11 November in US’s Delaware. It is considered to be one of the highest-profile crypto blowups that has left an estimated 1 million customers and other investors facing total losses in the billions of dollars.

ALSO READ: Investor studied crypto for years, then missed FTX’s red flags

On Saturday, FTX said that it had launched a strategic review of its global assets and is preparing for the sale or reorganization of some businesses.

Meanwhile, another report by Bloomberg said the FTX Europe unsuccessfully sought a trading licence in Switzerland.

Based in Pfäffikon near Zurich, FTX Europe had applied to Swiss banking regulator Finma for a license for a so-called “organized trading system” that was declined recently.

With Finma declining to comment, and impossible to reach FTX Europe, as it now shut down, reasons for application failed remains unknown.

With agency inputs. 

This is a breaking story, it will be updated shortly.

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