According to FTX, it owes its 50 largest creditors over $3 billion

Key points:

• FTX said it owes $3.1 billion to its top 50 creditors.
• The top 10 creditors alone have more than $100 million in unsecured claims, totaling more than $1.45 billion,  according to filings.
• However, the filing may only scratch the surface of the debt owed by the bankrupt exchange, as the company said last week that it may have more than 1 million creditors.

Cryptocurrency exchange FTX said it owes $3.1 billion to its top 50 creditors, according to documents filed Saturday in Delaware bankruptcy court.

While the filling does not name the parties involved in FTX’s swift collapse, the document sheds light on the magnitude of the potential losses faced by its clients.

FTX’s top 10 creditors alone have more than $100 million in unsecured claims, totaling more than $1.45 billion, according to filings. The filing explains that the debt does not include debt to company insiders and is subject to change as more information becomes available.

FTX owes just over $276 million to its largest creditor, and roughly $21 million to its fiftieth creditor. However, the filing may only scratch the surface of the debt owed by the bankrupt exchange, as the company said last week that it may have more than 1 million creditors.

The third largest unnamed creditor was listed in the filing as having $174 million in debt. While unconfirmed, the figure is in line with what crypto lender Genisis announced 10 days ago: $175 million in funds frozen in its FTX trading account.

A statement filed Saturday explained that the firm, led by FTX Global's new chief executive, John J. Ray III, calculated the total based on information that could be viewed but not accessed. The company said it has not yet been granted full access to customer data.

The company also explained in the filing that its debt figures may not be entirely accurate because payments that may have been made to creditors are not reflected in the company's books or records.

Information about who FTX's creditors were and their personal information had been requested to be redacted or withheld before the recent filing of these documents.

Disclosing the names of certain creditors could provide clues to predatory companies, the motion said.

"Public dissemination of the debtor's client list could give the debtor's competitors an unfair advantage in contracting and poaching those clients, and would impair the debtor's ability to sell assets at the right time and maximize the value of its merchandise," it said.

The document also mentions that FTX does not track customer information in a way that very clearly assesses who is owed.

"The Debtor has historically failed to maintain adequate books and records, and the Debtor is currently struggling to obtain certain data and record sources that are not currently available."

According to the filing, the decision to create a list that consolidated FTX’s creditors into a single filing was motivated in part by the company’s overlapping creditors in its Chapter 11 case, confusing recordkeeping, and limited time and resources.

"Creditor information, particularly customer information, was not marked or identified by [FTX]," it said. "As such, providing information on an aggregate basis ensures timely disclosure of the most relevant and well-known information."

A court filing on Sunday set the date for the so-called hearing on the first day of FTX’s bankruptcy proceedings. It is scheduled for Tuesday in Wilmington, Delaware.