Owing money all over town… FTX's "creditor matrix" list was finally unsealed this week, and it provides some insight into the $8B+ question looming over the exchange's bankruptcy: to whom, exactly, does it owe all that $$? FYI: We learned last year that the exchange owed its top 50 creditors more than $3B, but the identities remained a mystery. Now the 115-page matrix lists companies that had some connection (picture: vendor, account holder, creditor, landlord) to the exchange. Unsurprisingly, the list includes crypto cos like Coinbase. Surprisingly:
What the tech: The matrix includes Apple, Amazon, Google, Meta, Microsoft, and for some reason — Netflix.
Ordering out: DoorDash, Uber Eats, Caviar, Margaritaville Beach Resort, and, yes, Coachella are also listed.
Fly away: Airlines including Southwest, Spirit, and American make an appearance.
It’s unclear why those companies are on the list (Coachella NTFs, anyone?).
Badly scrambled… FTX's implosion flipped crypto out of the frying pan and into the fire. While a lot of the companies above seem like unexpected casualties, they’re far from the only ones caught in FTX's downfall (think: bankrupt crypto lenders). And the fallout hit more than company coffers: as of last month, 60% of Americans in a CNBC survey said they saw crypto investing as “highly risky” and just 8% had a positive view of cryptocurrencies themselves.
Once bitten, twice crypto shy… FTX’s creditor matrix, which notably omits the exchange's almost 10M retail customers, paints a picture of just how mainstream FTX was, at least in its business dealings. Now, with bitcoin up 36%+ in the past month and FTX teasing a potential relaunch, investors will have to decide whether — like former spokesman/current FTX creditor Tom Brady once declared — they're in. [271]