Chainalysis Among Long List of FTX Creditors

The bankrupt crypto exchange had partnered with Chainalysis to revamp its anti-money laundering and know-your-customer system

article-image

Blockworks Exclusive art by axel rangel

share

Chainalysis appears to be a creditor in the FTX bankruptcy case, as the company is among what is expected to be a very long list of companies the collapsed exchange owes money to.

Documents filed Wednesday in US bankruptcy court in Delaware named the blockchain analysis firm as a creditor, an entity with a claim against the debtor — in this case FTX Trading.

FTX founder Sam Bankman-Fried, who resigned as the company’s CEO when it filed for Chapter 11 bankruptcy last week, revealed a partnership with Chainalysis in September 2019.

Loading Tweet..

It is unclear what Chainalysis may be owed. A Chainalysis spokesperson declined to comment.

A day before FTX declared bankruptcy, Chainalysis shared on-chain data in a series of tweets to make sense of the impact of FTX’s implosion.

“There’s no sugarcoating it: The potential collapse of an industry stalwart like FTX is bad for crypto, and the market reflects that,” the company said in a Nov. 10 tweet. “But the industry has survived events like this before and emerged stronger. We know it will again.”

Chainalysis one of many creditors

Lawyers representing FTX and affiliates said in a bankruptcy motion on Monday that as many as one million creditors could be named in the suit.

The motion also requested relief from filing a list of the top 20 creditors for each of the 134 FTX affiliated entities that filed for Chapter 11 bankruptcy — asking instead to permit one consolidated list detailing the top 50 creditors across all FTX companies by Friday.

More clarity around FTX’s balance sheet and creditors is needed to properly parse the odds of the exchange returning funds, partners at law firm Kleinberg Kaplan told Blockworks.

FTX CEO John Jay Ray III, who previously oversaw restructuring efforts at corporate failures such as Enron, said in bankruptcy filings that he had never seen “such a complete failure of corporate controls,” as in FTX’s case.

“From compromised systems integrity and faulty regulatory oversight abroad, to the concentration of control in the hands of a very small group of inexperienced, unsophisticated and potentially compromised individuals, this situation is unprecedented,” he said.


Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter.

Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. Subscribe to the Forward Guidance newsletter.

Get alpha directly in your inbox with the 0xResearch newsletter — market highlights, charts, degen trade ideas, governance updates, and more.

The Lightspeed newsletter is all things Solana, in your inbox, every day. Subscribe to daily Solana news from Jack Kubinec and Jeff Albus.

Tags

Upcoming Events

Javits Center North | 445 11th Ave

Tues - Thurs, March 18 - 20, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

Brooklyn, NY

TUES - THURS, JUNE 24 - 26, 2025

Permissionless IV serves as the definitive gathering for crypto’s technical founders, developers, and builders to come together and create the future.If you’re ready to shape the future of crypto, Permissionless IV is where it happens.

recent research

Unlocked Advisory-min.png

Research

This report distills Blockworks Advisory’s research on incentive programs and their analysis, offering a foundation for designing future initiatives and advancing industry-wide standards. By highlighting key lessons and methodologies, we aim to empower protocols to make informed, data-driven decisions.

article-image

The company did about 2.5 times the amount of crypto-backed collateral financing in November compared to the rest of 2024, exec says

article-image

Programmable yield, seamless swaps and decentralized control are the hallmarks of a new stablecoin model

article-image

Crypto is “really exciting,” former SEC Commissioner Paul Atkins said in a podcast interview last year

article-image

Bitcoin is now the “seventh most valuable asset in the world by market cap, just behind the likes of Google and Amazon,” GSR’s Brian Rudick said

article-image

Many analysts expected bitcoin to top $100K before year-end, though it’s been on a post-election tear

article-image

Will investors take a 10% lower return to get access to a regulated investment wrapper?