- FTX involved creditors of more than 1 million
- Kroll’s list contains total 8 claims of $40.9 million
The bankrupt company often assigns ‘Claims and Noticing’ agents to help debtors. FTX has assigned a Claims and Noticing agent known as Kroll, coordinating with the FTX professional to collect and analyze data to prepare for the bankruptcy petition.
According to the Cointelegraph reports, Kroll was assigned on 12 November, but the news was made public on 17 November. Kroll targeted 101 affiliated companies and a database of all claims against FTX trading to accumulate.
What does Kroll Inc. do?
Kroll is an American Investigating company based in New York. Kroll Inc provides services like Background screening, Security consulting, Social media(background checks on the social media influencer to avoid getting into any problems with their behavior or tweets on social media ) and other works.
Kroll was known for some of its best cases, which it has handled until now, are The Heroin Trail case in 1987, The Heroin Trail, Brazilian privatization and Harvey Weinstein hired Kroll to erase the evidence of sexual abuse case after the settlement with the victim.
Kroll’s report lists 8 claims at the time of writing, Ethereal Tech Singaporian-based blockchain development firm, and 2 other companies for each $11,690,000.00.
report by Kroll’s list of claims
The eight claims contain a total amount of $40.9 million. The list included the names of 750 interested parties with a specific interest in the case, and the groups include debtors, banks, landlords, insurance providers, directors, landlords and regulators.
Some of the known names mentioned in the list are National Australia Bank (NAB), Apple, Facebook, JPMorgan, Chainalysis, Wells Fargo, Bank of America, Circle, Stephen Curry, Reddit and Yuga Labs as well as; it has been calculated that the number of creditors involved in FTX is more than one million and Margeret Rosenfeld, a corporate security lawyer, told Cointelegraph that it would take years to pay back the funds to the creditors.
Margeret Rosenfeld said, “You can’t make creditor distributions until these claims are analyzed. It’s also way too early to speculate on what kind of distribution creditors will get back. Though in mega cases, such as this, full recovery would be unusual.”
Conclusion
FTX was bankrupt and hired Kroll to help him with the creditors. Kroll was known for its best, as mentioned above in the details; Kroll lists only 8 claims for $40.9 million. Here is much more to know Kroll is on the way to completing the case.