Bitfufu among FTX creditors

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Ultramining.com

12:47 Nov 22, 2022

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Bitfufu among FTX creditors

The Singapore company Bitfufu filed a lawsuit against the crashed crypto-exchange FTX. The amount was $11.7 million. It also became known that the suit was filed with the support of Bitmain – the market leader in the production of mining hardware.

According to Kroll, the company, which was appointed to administer the restructuring of FTX, the claim was filed by Ethereal Tech, which is a "subsidiary" of Bitfufu. A total of 13 unsecured creditors have filed claims so far.

As a reminder, the Bitfufu mining startup was created in 2020 with the help of Bitmain investments. The mining startup is public following its merger with SPAC. FTX owes $3.1 billion to its 50 largest unsecured creditors, a total of up to 1 million creditors, according to the exchange itself.

FTX's bankruptcy is among the biggest collapses in the entire industry. According to CEO-designate John J. Ray, under whose leadership the Enron bankruptcy took place:

I have never before encountered this kind of lack of control, insolvency, and lack of reliable financial data.


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