may have to face over a million creditors. November 15, 2022

Bankrupt crypto exchange FTX expects to have more than 1 million individual creditors.

In its first bankruptcy filing, FTX portrayed a grim picture as it faces a million creditors.

FTX mentioned in its bankruptcy filing that the exchange faced a severe liquidity crisis that necessitated the filing of these cases on an emergency basis.

“Questions arose about Mr Bankman-Fried’s leadership and the handling of FTX’s complex array of assets and businesses under his direction,” the filing stated.

Since the crypto exchange has filed for bankruptcy, regulators of several different countries have come after the crypto firm and SBF.

Crypto industry is seeing the ripple effect of the FTX collapse as prices of most cryptocurrencies are still in red.

FTX filed for bankruptcy last Friday after SBF resigned from his CEO position.