According to new filings, FTX's new leadership is in contact with regulators and may have over 1 million creditors

Key points: 

• FTX filed for bankruptcy Friday morning, saying it has between $10 billion and $50 billion in assets and liabilities and more than 100,000 creditors.
• The filing provides the first realistic look at the last day before the cryptocurrency exchange filed for bankruptcy. 
• FTX has filed more than 100 filings on behalf of its various affiliates. 
• As part of these filings, FTX made a request to jointly manage the entire umbrella group of companies, rather than treating each case as a single case.
• They also appointed new directors. 

FTX may have more than 1 million creditors, according to court documents that eventually began to declare the company in bankruptcy.

The filing, filed late Monday in the federal court's PACER database system, provides the first realistic look at the last day before the cryptocurrency exchange filed for bankruptcy and the first few days of the entire process. FTX's new CEO, John J. Ray III, a veteran bankruptcy practitioner, is working with legal, cybersecurity, and forensic advisors on the company's numerous subsidiaries and their respective bankruptcy proceedings, the filing said.

FTX has filed more than 100 filings on behalf of its various affiliates, including Alameda Research, a quantitative trading firm that owns many FTT tokens, West Realm Shires, a U.S. entity operating under the name FTX in certain jurisdictions, and Clifton Bay Investments.

As part of these filings, FTX made a request to jointly manage the entire umbrella group of companies, rather than treating each case as a single case. As part of this effort, FTX also asked if it could create a top 50 list for the overall structure, rather than a top 20 list of creditors for each company. Additionally, FTX believes its total number of creditors may exceed 1 million.

"As stated in the debtor's filing, there are more than 100,000 creditors in these Chapter 11 cases. In fact, there may be more than a million believers in these Chapter 11 cases. Therefore, the debtor shows reason to amend this request, requiring the debtor to submit a consolidated list of its top 50 creditors," the filing reads.

The exchange operator also asked the court to email the bankruptcy notice to FTX creditors instead of sending them a notice at home.

FTX’s customers primarily interact with the exchange online, so their emails are on file, the filing said.

The filing concerns the hack that stole hundreds of millions of dollars worth of cryptocurrency from FTX wallets on Friday and confirms that FTX has contacted "dozens" of state and federal regulators around the world, including the U.S. Attorney's Office, which oversees the Securities and Exchange Commission. , Commodity Futures Trading Commission, etc.

FTX also appointed new directors, including former District Judge Joseph Farnan of FTX Trading; Matthew Doheny of FTX Trading; Mitchell Sonkin of West Realm Shires Inc.; Matthew Rosenberg of Alameda Research, and Rishi Jain of Clifton Bay Investments.

FTX filed for bankruptcy Friday morning, saying it has between $10 billion and $50 billion in assets and liabilities and more than 100,000 creditors. Monday’s filing did not say what assets or liabilities the exchange is currently entitled to but said the new leadership team was working to “protect and organize” its assets. This included several lawyers and experts who reviewed the books of FTX and its subsidiaries.

The document also gives us a glimpse into how FTX filed its first major filing just days after the initial bankruptcy filing, saying the bankruptcy was declared in an emergency.

"FTX faces a severe liquidity crisis and these cases must be urgently filed last Friday. Questions have been raised about Mr. Bankman-Fried's leadership and the handling of FTX's complex assets and scope of operations under his leadership," the filing reads. road.

Bankman-Fried resigned at 4:30 a.m. on the day FTX filed for bankruptcy (no time zone given, but roughly Eastern Time, the Bahamas time zone where Bankman-Fried lives).

Since his resignation, Bankman-Fried has continued to tweet various thoughts and statements meant to influence his lawyers.