“Bankruptcy Filing” FTX Lenders Approach 1 Million… Cryptocurrency Legislation Speed
While FTX, one of the top three virtual asset exchanges in the world, is on the verge of bankruptcy, more than 1 million lenders are expected to invest in FTX. It’s 10 times bigger than expected. Investor concerns are growing.
“There may be more than 1 million creditors,” Reuters said in additional court documents filed by FTX’s lawyers on the 15th (local time).
On the 11th, FTX filed for bankruptcy protection in the US court in Delaware. If you file for bankruptcy protection, all debts are frozen until a restructuring plan is finalized.
FTX said at the time there were more than 100,000 creditors, but the actual damage was reported to be more than 1 million. Most are subordinated unsecured creditors, with the potential to never get paid.
FTX, which has filed for bankruptcy, is said to be seeking a recovery plan. FTX founder Sam Bankman Fried is said to be trying to raise money recently.
He and his remaining staff set out to find investors to fill the shortfall of up to $8 billion (10.5 trillion won).
Politicians put the brakes on the pending bill on virtual assets when the situation turned serious. The National Assembly’s Political Affairs Committee plans to discuss the Virtual Business Act in earnest next week by submitting it to the Subcommittee on Legislative Review.
The Political Affairs Committee stressed the need for the Industrial Rights Act at a meeting on “restoring fairness in the digital asset market and creating a safe trading environment” held in the National Assembly the day before.
Yoon Chang-hyun, chairman of the Special Committee on Digital Assets, said, “It hasn’t been long since the Luna and Terra incident broke out, and I was very shocked to see such a problem with the FTX exchange.” been less,” he said, adding that it is time to establish a system.
