Axios Pro: Fintech Deals

November 21, 2022

Axios Pro Exclusive Content

Happy Monday, readers.

1. FTX's anonymous creditors

Illustration of a blockchain forming a question mark.

Illustration: Gabriella Turrisi/Axios

Over the weekend, FTX released a list of its 50 largest unsecured creditors, showing they are owed nearly $3.1 billion.

Why it matters: The document didn't answer the big question of what other companies are standing directly in FTX's blast radius. The list is currently anonymous.

What they're saying: All of the 50 creditors are customers, with FTX's restructuring advisers saying this is a valuable asset in itself.

  • "Public dissemination of the Debtors’ customer list could give the Debtors’ competitors an unfair advantage to contact and poach these customers," Edgar Mosley II, managing director of Alvarez & Marsal wrote in a Saturday document, referring to FTX and its multiple entities.
  • "I believe it would interfere with the Debtors’ ability to sell their assets and maximize value for their estates at the appropriate time."

Between the lines: FTX's creditors may be happy to keep their names off the public dossier at a time when there is real concern that more crypto dominoes may fall.

  • Right now, everything associated with FTX appears to be taking a hit.

What we're watching: A hearing of the first day motions is scheduled for Nov. 22 at 11. a.m.

  • We're also watching Perella Weinberg, the bank that was appointed to oversee FTX's strategic review of its global assets.

View archive