Surprisingly, US fintech giant Ripple’s (XRP) subsidiary in Singapore, Ripple Labs Singapore Pte. Ltd is listed as a creditor in the ongoing FTX bankruptcy case.
The claim, totaling more than $11.4 million, is the largest amount disclosed among those listed in the lawsuit documents.
The document, which seeks to dismiss FTX creditors’ duplicate non-client-related claims, was approved by United States Bankruptcy Judge John T. Dorsey and issued by Kroll, the creditor claims administrator in the FTX case.
Interestingly, Ripple Labs is not the only major plaintiff in the case. Avalanche (BVI), Inc., a firm associated with basketball legend Shaquille O’Neal and blockchain platform Avalanche (AVAX). is also referred to as the beneficiary.
However, FTX also has a large stash of assets in addition to its debts. Some experts claim that FTX’s cryptocurrency assets are much greater than its liabilities, and therefore the exchange may actually be operational again. Although there are efforts to restart the exchange under the name FTX 2.0, there is no clear timetable for this to happen yet.
*This is not investment advice.