Mainstream media renew push for non-US FTX user identities


Four media outlets in the United States have continued efforts to get the identities of non-U.S. FTX customers revealed, filing new objections to a previous motion to seal their identities. 

Bloomberg, Dow Jones, The New York Times and The Financial Times first filed a motion objecting to FTX and the Official Committee of Unsecured Creditors being authorized to redact and withhold customer information on Jan 11.

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While the court previously had heard similar arguments by the four firms, the May 3 filing made a new objection to the Committee’s motion to seal the identities of non-U.S. customers.

The four media firm’s most recent filing against FTX and the Committee. Source: Kroll.

The media outlet’s most recent argument is that there is no legal basis to redact the names pursuant to non-U.S. data privacy laws.

The media giants argued that under section 105 of the Bankruptcy Code — the provision which grants the bankruptcy court judicial power — there is no part that permits foreign law to override the right of access to information under U.S. constitutional and statutory law:

“At bottom, Movants desire to avoid “enforcement of the public disclosure requirements of U.S. bankruptcy law […] furnishes no basis for sealing.”

“The law of the United States — constitutional and statutory — guarantees the public a strong presumptive right to inspect bankruptcy filings. That right cannot be abrogated by a party’s assertion of legal obligations under foreign law,” the media firms added.

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The first argument raised — which was claimed in an earlier filing — was that the names of FTX’s creditors do not constitute “confidential commercial information.”

The second — also raised in an earlier filing — is that such disclosure wouldn’t subject the creditors to “undue risk.”

Related: FTX has recovered $7.3B in assets, will consider rebooting exchange

FTX and the Committee have until May 4 at 4:00pm Eastern Time (ET) to submit an objection.

The hearing date for the filing will take place on May 17 at 1:00pm (ET).

Magazine: Can you trust crypto exchanges after the collapse of FTX?

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Author: Brayden Lindrea

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