FTX Owes Over $3 Billion to Creditors - Top Crypto Updates

FTX owes over $3 billion to its 50 largest creditors

Troubled crypto exchange FTX owes $3.1 billion to its top 50 creditors, according to documents filed in Delaware bankruptcy court. FTX’s top ten creditors alone have more than $100 million each in unsecured claims. The filing explained that the debt does not involve anything owed to company insiders and is subject to change as more information becomes available.

Crypto prices today: Bitcoin down 3.5%, ETH falls 7.3%

Bitcoin is currently trading at $16,109.58, a decline of 3.58% over the previous day. Ethereum fell 7.3% over the last 24 hours to $1,129.80. Solana fell 9.5% to $11.8, while Cardano is trading lower by 7.1% at $0.305. Avalanche (AVAX) fell 8% to $11.96. The global crypto market cap stands at $800.4 billion, a 4.23% decline over the previous day.

Bill Ackman remains bullish on crypto

Popular investor and hedge fund manager Bill Ackman said he likes Helium, a decentralized Wi-Fi mesh network. He remains bullish on cryptocurrencies, despite the recent collapse of the FTX and the market turmoil following it. He recently called for the removal of regulatory barriers and easing regulations in New York to make the city a crypto hub.

Man Group plans crypto hedge fund

The world’s largest publicly traded hedge fund manager, Man Group Plc, plans to launch a crypto-exclusive fund early next year. The fund will be approved for investors only after the company assesses it for counterparty risks. London-based Man Group trades cryptocurrency futures through their quant trading platform Man AHL.

FTX exploiter converts millions in Ether to Ren Bitcoin Tokens

The hacker behind the $600 million exploit of crypto exchange FTX started exchanging millions of dollars worth of Ether to Ren Bitcoin (renBTC). renBTC is a token that represents Bitcoin on other blockchains. Funds stolen from FTX have been steadily converted to ether over the past week.

In 2021, Sam Bankman-Frieds' Alameda Research said Ren’s development team was “joining” the firm. The two entities were reportedly working on expanding Ren’s usage to several blockchains.