In potentially ill-advised tweets over recent days, SBF himself has admitted that FTX's former management team "got overconfident and careless."
FTX owes $3.1 billion to its 50 biggest creditors, new court papers have revealed.
The identities of each party were redacted in the documents filed on Saturday — and the largest creditor is currently $226 million out of pocket.
Embattled lender Genesis has previously confirmed that it has been caught up in the crypto contagion, with about $174 million in funds locked within its FTX trading account.
This aligns with a court document that shows the third-biggest creditor is currently owed $174,273,628.
There are a couple of reasons why the exact identities of creditors isn't publicly known.
A motion has been filed that aims to keep this information confidential so rival crypto firms cannot take advantage.
But a bigger problem is this: FTX's old management has been accused of failing to keep "appropriate books and records" — meaning it isn't exactly clear who is owed what.
Also this weekend, FTX announced that it is beginning a strategic review of global assets in an attempt to recover as much as possible for stakeholders.
Perella Weinberg Partners LP has been tapped to assist with the process, and steps are now underway to prepare the embattled exchange — and over 100 affiliated companies — for sale or reorganization.
John J. Ray III, who stepped in after Sam Bankman-Fried's departure from the business, said:
"Based on our review over the past week, we are pleased to learn that many regulated or licensed subsidiaries of FTX, within and outside of the United States, have solvent balance sheets, responsible management and valuable franchises."
In a statement, he urged employees, customers and regulators to be patient "as we put in place the arrangements that corporate governance failures at FTX prevented us from putting in place prior to filing our Chapter 11 cases."
Ray — who cleaned up after Enron — has been highly critical of how FTX Group has been managed, recently declaring:
"Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information."
He said control of the company had been concentrated "in the hands of a very small group of inexperienced, unsophisticated and potentially compromised individuals" — going on to describe the current situation as "unprecedented."
In potentially ill-advised tweets over recent days, SBF himself has admitted that FTX's former management team "got overconfident and careless" — and he had failed to realize that there were huge problems brewing at the company.
