Chainalysis Is A Creditor In FTX Bankruptcy Case: What's Next?

Crypto analytics company Chainalysis disclosed FTX owes it money in connection with the bankruptcy proceedings for the beleaguered cryptocurrency exchange.

Chainalysis was listed as a creditor in filings submitted to the Delaware bankruptcy court on Wednesday, and it requested that any pertinent records be delivered to its attorneys.

The partnership between the blockchain analysis company and FTX dates back at least to 2019 when they collaborated to update the exchange's anti-money laundering (AML) and know-your-customer (KYC) procedures.

When FTX last updated the help page on its website in August, the connection was established.

Chainalysis was one of the 53 companies that FTX acknowledged doing business with to Forbes earlier this year.

Major accounting firms Deloitte and PwC, payment processor Stripe and a number of law firms are also included on the list.

The documents however do not disclose how much money FTX owes it.

Also Read: Binance Temporarily Suspends USDT, USDC Deposits On The Solana Blockchain, Resumes Later

Long List Companies With Exposure to FTX

FTX has stated there may be more than 1 million persons having claims in the case but is expecting to release a list of its "Top 50" creditors by the end of this week.

A few companies have already disclosed their own involvement with FTX, whether it be in the form of loans, investments on one of its platforms, or holdings of the FTT token.

According to Binance CEO Changpeng "CZ" Zhao, his company still possesses a substantial stock of FTT FTT/USD tokens.

BlockFi, a cryptocurrency lender, said this week that it has "substantial exposure" to FTX and that it is considering filing for bankruptcy and making layoffs.

Alameda Research Owes $4.1B To Various Parties

Meanwhile, in a statement submitted to the bankruptcy court in Delaware, new FTX CEO John J. Ray III disclosed that bankrupt firm Alameda Research owes a total of $4.1 billion from various parties.

Euclid Way Ltd, one of the companies under FTX’s bankruptcy filing, lent $2.3 billion to Paper Bird Inc.

Additionally, Alameda Research lent $1 billion to FTX founder Sam Bankman-Fried, $543 million to FTX's Director of Engineering Nishad Singh and $55 million to FTX co-CEO Ryan Salame.

Next: New FTX Chief Appalled By Mismanagement At Crypto Exchange Under Sam Bankman-Fried

Photo: Pixabay