The Blubber

Per CNN

While the lawsuit is still ongoing for Sam Bankman-Fried, the founder of FTX, who is facing multiple charges, including defrauding customers, new information has surfaced saying the top 50 creditors alone are owed $3 billion collectively. It was also revealed that the now-bankrupt exchange has over a million creditors.

What's shocking about the revelation, which came to light via newly unsealed bankruptcy documents, was the names of the big creditors that FTX owes money to. Among these names include Goldman Sachs and JP Morgan.

To expand the list even further, it was also found that media companies like the New York Times and Wall Street Journal were also among the list of creditors. It also expanded into commercial airlines and Big Tech.

American, United, Southwest, and Spirit were among the airlines also named as creditors in the now-bankrupt crypto exchange. Among the Big Tech companies, there were names like Netflix, Apple, and even Meta included as creditors.

While Goldman Sachs was revealed to be a creditor, the bank noted that they decided not to file a claim against the now-bankrupt crypto exchange. The document, however, did not reveal the individual names of the different creditors.

The news comes at a time when SBF is being barred from trying to contact former employees, especially through Signal, an encryption-based app. This came after the FTX founder tried to use the messaging app to contact the general counsel of the FTX US affiliate in order to "vet things with each other," per his lawyer.

While the bankruptcy investigations are still ongoing, FTX lawyers are making a lot per hour while working on the case. Sullivan & Crowell, the law firm tapped to handle the case, has 150 lawyers working on this case who reportedly get paid from $810 to $2,000 an hour. John Ray III, who is overseeing the bankruptcy, is making $1,300 an hour.

See flow at unusualwhales.com/flow.

Other News:

• SBF Barred From Using Signal to Contact Ex-Employees
• FTX Lawyers are Making $810 to $2,000 Per Hour: Sullivan & Cromwell has 150 Lawyers on the Case

Resources:

CNN