The committee would play a role in representing creditors who lost funds or were otherwise affected by the downfall of FTX, reported to be one million people.
A United States Trustee has announced nine creditors to the committee responsible for part of crypto exchange FTX’s bankruptcy proceedings.
According to court documents filed Dec. 15, U.S. Trustee Andrew Vara named crypto market maker Wintermute Asia among those on the ‘Committee of Unsecured Creditors’. Other creditors included individual investors, crypto hedge fund Coincident Capital, GGC International — an affiliate of lending platform Genesis — Pulsar Global, Wincent Investment Fund, and Octopus Information.
The committee would play a role in representing creditors who lost funds or were otherwise affected by the downfall of FTX. The firm’s bankruptcy filing on Nov. 11 suggested there may be 1 million creditors.
The appointment of the creditors preceded a Dec. 16 hearing on FTX’s bankruptcy expected to address the crypto exchange’s $135-million deal in 2021 to rename the Miami Heat stadium as the FTX Arena. At the time of publication, the venue still featured the FTX logo and branding, despite the firm filing for Chapter 11 bankruptcy on Nov. 11. Another bankruptcy hearing in the District of Delaware is expected on Jan. 11.
Former FTX CEO Sam Bankman-Fried — not a part of the bankruptcy proceedings — was remanded to the Bahamas’ Fox Hill Prison following a Dec. 13 bail hearing. He currently faces charges from the U.S. Justice Department, Commodity Futures Trading Commission, and Securities and Exchange Commission related to defrauding investors and lenders.