FTX in Hot Water with Massive Creditor List
It looks like FTX is in hot water, with a recent leak showing they owe millions of dollars to government agencies and well-known institutions. The breakdown of their debt is downright jaw-dropping.
FTX Owes a Pretty Penny
You read that right – FTX has a ton of payables! It wasn’t until a staff member accidentally left a list of creditors in the office printer file that it came to light. The list includes quite a few recognisable players, including:
- The IRS – $4 million
- Microsoft – $3 million
- The US Navy – $2.5 million
- Amazon – $1.5 million
You can imagine the awkwardness when they got their bill in the mail!
What Will FTX Do?
It looks like FTX is going to have to make some tough decisions. Paying out these mountains of debt will hurt their already stretched finances.
What’s worse, the list may not even be complete! This means that their debt total could potentially be even higher. This may well be the start of some serious money woes for the exchange.
What Should We Do?
If you’re a FTX trader, it may be time to double check your accounts and make sure you’re not going to be hit with a surprise invoice anytime soon!
It’s also likely an important lesson in monitoring finances can be learnt from this – especially for businesses.
It’s time to start keeping tabs on your own creditors, just like FTX failed to do.
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