The collapse of the FTX floor made many “big guys” in the technology village unable to recover their debts.
The Big Tech group (a leading enterprise in the technology sector) including many big names such as Apple, Google, Meta, Twitter, TikTok, Amazon, and Microsoft… are all on FTX’s 115-page list of creditors. – A cryptocurrency exchange that was at the top of the world before collapsing at the end of 2022.
FTX owes money to hundreds of thousands (or maybe more) of different units and organizations. On January 26, the court of Delaware (USA) announced the latest list, which included all big names, from private businesses to media agencies and governments. However, the exact amount has not been announced.
Notably, the above debt is not due to the investment in this exchange but is related to advertising campaigns, sponsorships, and fee-based partnerships. In fact, FTX has run advertising contracts on many different platforms such as Facebook (of Meta), TikTok, and Twitter, and purchased services from Amazon Web Services company.
While Apple, Google, Meta, TikTok, Twitter, LinkedIn, and Amazon did not respond to the appearance of the name on the list of creditors issued by the court, the Netflix side insisted that it did not know about any business relationship. with FTX, even “don’t understand why it is listed as a creditor”.
At the time FTX filed for bankruptcy (November 2022), this exchange claimed to have about 100,000 creditors, but the actual number was much larger when including investment funds and depositors here. According to CNBC, the actual number of creditors is “more than a million”. The collapse of the FTX exchange caused the cryptocurrency market to wobble at the end of 2022, many people quickly lost their accumulated investments and assets. CEO and co-founder Sam Bankman-Fried has gone from being a young billionaire to being empty-handed and facing a prison sentence of up to 115 years.