FTX’s lawyers filed documents in court showing that its creditors may exceed one million. The document calls the events of the past week at FTX unprecedented. A little over a week ago, FTX was considered one of the most innovative companies in the cryptocurrency industry, and its co-founder Sam Bankman-Fried was also known as the prince of the industry. FTX previously claimed more than 100,000 creditors when it filed for bankruptcy because it was the maximum number allowed on the bankruptcy filing form, but the actual number of creditors could be in the millions, the filing said. FTX’s corporate structure is highly complex, with dozens of affiliated companies, each of which filed for bankruptcy last week, FTX has suspended withdrawals, and the fate of client funds hangs in the balance.
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