SINGAPORE – Four Singapore government agencies which are not creditors of FTX have been included in a broad list of creditors of the collapsed cryptocurrency exchange, illustrating the difficulty of establishing a true picture of the tangled bankruptcy.
But based on checks with the four Singapore government agencies, The Straits Times understands that they are not creditors nor do they owe any monies to FTX. Under Chapter 11 bankruptcy, the firm is given time to restructure before it pays back its creditors. Lawyer Daniel Liu, from Wong Partnership’s restructuring and insolvency and special situations advisory practices, said financial regulators from various countries may appear on the list if FTX was operating in those countries. This could happen even if FTX is not licensed in those countries.
In the case of FTX, this could be problematic as its new leadership has said that there was almost no record-keeping at the company.