FTX and its affiliates filed for bankruptcy in Delaware on November 11 in one of the highest-profile crypto blowups, leaving an estimated 1 million customers and other investors facing total losses in the billions of dollars.

A hearing on FTX's so-called first-day motions is set for Tuesday morning before a US bankruptcy judge, according to a separate court filing.
A hearing on FTX's so-called first-day motions is set for Tuesday morning before a US bankruptcy judge, according to a separate court filing. (AP Archive)

Cryptocurrency exchange FTX, which has filed for US bankruptcy court protection, said it owes its 50 biggest creditors nearly $3.1 billion.

The exchange owes about $1.45 billion to its top 10 creditors, it said in a court filing on Saturday, without naming them.

FTX and its affiliates filed for bankruptcy in Delaware on November 11 in one of the highest-profile crypto blowups, leaving an estimated 1 million customers and other investors facing total losses in the billions of dollars.

The crypto exchange said on Saturday it has launched a strategic review of its global assets and is preparing for the sale or reorganization of some businesses. 

A hearing on FTX's so-called first-day motions is set for Tuesday morning before a US bankruptcy judge, according to a separate court filing.

READ MORE: American celebrities named in lawsuit over FTX's fraudulent scheme

Cryptocurrency regulation

In March, President Joe Biden issued an executive order directing the Treasury Department and other agencies to study the impact of cryptocurrency on financial stability and national security.

Treasury Secretary Janet Yellen said during several hearings on the Hill this year that more government regulation is needed to police the proliferation of cryptocurrency, due to risks posed to financial markets.

On Wednesday Yellen said, “The federal government, including Congress, also needs to move quickly to fill the regulatory gaps the Biden administration has identified.”

READ MORE: Crypto exchange FTX files for bankruptcy

Source: Reuters