FTX defrauded Apple, Netflix, Blackrock and Coinbase according to new court documents 

Filings in court late Wednesday evening by FTX's financial advisors revealed details of the defunct cryptocurrency exchange's institutional creditors. The document, over 100 pages and in alphabetical order, shows that many companies have enormous exposure to the failed exchange.

Apple and WeWork are among the tech companies listed in the filing, while the Wall Street Journal and Coindesk head the list of news organizations featured in the court filing. However, the document does not specify the exact amount FTX owes each of these companies. It also does not include the personal data of individual customers.

Furthermore, the document clarifies that not all lenders have an FTX trading account.

A long and complex process

Charting a restructuring course for FTX has proven to be a long and complex process, even though John J. Ray, a former Enron liquidator, is in charge of the process. Judge John Dorsey has approved filing the list of creditors in a Delaware court, where the case continues to play out. During the early stages of the lawsuit, the exchange's lawyers argue that FTX owes at least one million euros to creditors.

A previous court document indicates that the exchange owes its top 50 creditors a total of $3,1 billion. However, the document did not allocate the amounts for each creditor. Another filing indicates that FTX owes its top ten creditors a total of $400 million in unsecured loans. Wednesday's creditor matrix features several cryptocurrency-related firms, including Yuga Labs, Coinbase, Silvergate, Chainalysis, and Binance Capital Management.

Also, the popular social network Reddit was listed among the creditors. Reddit could be considered a crypto firm after the launch of its Polygon-built NFT avatar in 2022. Besides Silvergate bank, other major financial institutions listed in the document are Wells Fargo and Citigroup. The major asset management firms listed in the document are Sequoia Capital and Blackrock.

The matrix of creditors continues

Some of the companies listed in the filing were likely debtors to FTX for providing goods or services to the defunct cryptocurrency exchange. Three examples of companies that can fall into this category are Netflix, Comcast and Pharmacy CVs. A striking observation from the document is that there were 12 creditors with DoorDash in their name.

In addition, the creditor matrix also included the revenue departments of several states, such as those of Alabama and Wyoming. Meanwhile, a surprise inclusion in the creditor matrix is ​​that of the Bahamian Ministry of Finance. The once-major cryptocurrency exchange collapsed following a bank run last November.

Following the liquidity problems, FTX admitted that it did not fully cover its clients' assets. After failing to reach a sale agreement with a similar cryptocurrency exchange, Binance, FTX filed for bankruptcy. Following the bankruptcy, former chief executive Sam Bankman-Fried (SBF) was charged with financial crimes.

Authorities recently confiscated approximately $750 million in assets from SBF, who is under house arrest after meeting bail terms.