Nov. 20 (UPI) -- Embroiled cryptocurrency exchange FTX owes an estimated $3.1 billion to its 50 biggest creditors.
The company, founded by one-time crypto mogul Sam Bankman-Fried, is seeking bankruptcy protection after a rapid collapse in value. Recent court filings expose how severely dire its financial situation is. The exchange owes $1.45 billion to its 10 largest creditors alone. Bankman-Fried stepped down as CEO of FTX a week ago.