- The fall of FTX has led to two billion dollars in losses for both its investors and customers.
- As FTX goes through the bankruptcy process, details are starting to emerge about who its investors were.
- From Tom Brady to Kevin O’Leary, here are 11 famous backers facing a wipeout in the dramatic collapse.
The spectacular downfall of FTX last year has cost investors and customers of the cryptocurrency exchange billions of dollars.
As the company goes through the bankruptcy process, more details are starting to emerge about who exactly were the equity investors in FTX. At its peak, the company reached a valuation of $32 billion. FTX is essentially worthless today and its new CEO, John Ray III, is solely focused on recovering as much as possible to pay back its creditors and customers.
“At the end of the day, we’re not going to be able to recover all of the losses here,” Ray said last month.
During typical bankruptcy proceedings, bond holders and other debt investors are often able to recover some of their losses, while equity investors are usually wiped out entirely.
As part of its ongoing bankruptcy process, FTX released a list of its investors on Monday, detailing just how many investors are set to be completely wiped out from the downfall of the crypto exchange. The list includes hundreds of investors that own billions of shares of the different FTX entity structures.
From Tom Brady to Kevin O’Leary, here are 11 famous backers that invested in FTX and are now facing a wipeout.