Chainalysis, a crypto analytics firm, has revealed that FTX owes it money in connection with the beleaguered cryptocurrency exchange's bankruptcy proceedings. Chainalysis was named as a creditor in filings made to the Delaware bankruptcy court on Wednesday, and it asked for any relevant records to be delivered to its attorneys. The blockchain analysis firm and FTX have been working together since at least 2019, when they collaborated to update the exchange's anti-money laundering (AML) and know-your-customer (KYC) procedures.
FTX founder Sam Bankman-Fried, who resigned as CEO when the company filed for Chapter 11 bankruptcy last week, announced a collaboration with Chainalysis in September 2019. While it is unclear how much Chainalysis is owed by FTX, Chainalysis shared on-chain data in a series of tweets a day before FTX declared bankruptcy to help make sense of the impact of FTX's implosion.
"There's no sugarcoating it: the potential demise of an industry stalwart like FTX is bad for crypto, and the market reflects that," the company said in a tweet on November 10. "However, the industry has survived similar events in the past and emerged stronger." We know it will happen again."
Although FTX has stated that there may be more than a million people with claims in the case, the company expects to release a list of its "Top 50" creditors by the end of this week.
Several companies have already disclosed their involvement with FTX, whether through loans, investments on one of its platforms, or holdings of the FTT token.
Binance CEO Changpeng Zhao claims that his company still has a large stock of FTT tokens. Similarly, BlockFi, a prominent cryptocurrency lender, announced this week that it has "substantial exposure" to FTX and is contemplating bankruptcy and layoffs.
Meanwhile, new FTX CEO John J. Ray III disclosed in a statement filed with the Delaware bankruptcy court that bankrupt firm Alameda Research owes a total of $4.1 billion (roughly Rs. 33,300 crore) to various parties.
Euclid Way, one of the companies involved in FTX's bankruptcy filing, lent Paper Bird $2.3 billion (roughly Rs. 18,700 crore).
Furthermore, Alameda Research lent $1 billion (approximately Rs. 8,118 crore) to FTX founder Sam Bankman-Fried, $543 million (approximately Rs. 4,408 crore) to FTX Director of Engineering Nishad Singh, and $55 million (approximately Rs. 446 crore) to FTX co-CEO Ryan Salame.
