FTX Creditors Committee Appointed, Includes Crypto Market Maker Wintermute And GGC

Summary:

• Cryptocurrency market maker Wintermute was appointed to the committee for unsecured FTX creditors.
• Wintermute and eight other members form the committee, according to a court document seen by EthereumWorldNews.
• Sam Bankman-Fried’s crypto exchange filed for Chapter 11 bankruptcy in the U.S. on November 11, 2022.&

Crypto market maker Wintermute was appointed to the unsecured creditor’s committee for FTX, the now-bankrupt crypto exchange founded by Sam Bankman-Fried. According to the court document seen by EthereumWorldNews, the committee comprises nine members including Wintermute and GGC, and an entity owned by Genesis.&

Bankruptcy filing revealed over a million creditors of the collapsed crypto exchange. SBF’s firm reportedly owes the top 50 creditors around $3 billion. Alameda Research had $8 billion in liabilities on the exchange, per a complaint from the Commodity Futures Trading Commission (CFTC).

Unsecured Creditors Committee

1. Zachary Bruch, an individual creditor
2. Coincident Capital International, Ltd
3. GGC International Ltd
4. Octopus Information Ltd
5. Pulsar Global Ltd
6. Larry Qian, an individual creditor
7. Acaena Amoros Romero, an individual creditor
8. Wincent Investment Fund PCC Ltd
9. Wintermute Asia PTE. Ltd.

Appointing a creditors committee is common with Chapter 11 bankruptcy laws in the United States. After crypto lender Celsius filed Chapter 11 back on July 13, the bankruptcy court appointed the Official Committee of Unsecured Creditors days after on July 27.&

FTX Founder Sam Bankman-Fried Charged With Fraud

Sam Bankman-Fried was arrested in the Bahamas on December 13, 2022. Bahamas law enforcement received notice of criminal charges from the U.S. Attorney’s Office in the Southern District of New York (SDNY).

Prosecutors charged SBF with fraud and money laundering. The CFTC and the Securities and Exchange Commission (SEC) also filed similar charges. According to the CFTC’s complaint, Bankman-Fried reallocated FTX customer assets to Alameda Research, his trading firm.

FTX CEO John Ray told Congress that Alameda exposed client funds to huge margin trading losses. The CFTC alleged that Alameda’s liabilities on FTX exceeded $8 billion. Charges from the SEC also accused SBF of defrauding customers, lenders, and investors.

Bankman-Fried was spotted in police custody outside a Bahamas court on December 14, 2022. The judge denied his lawyer’s request for a $250,000 bail. SBF’s next court date is February 8, 2023.

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