Fallen cryptocurrency exchange FTX may have more than 1 million creditors, according to a new bankruptcy filing, as the platfrom faces a "severe liquidity crisis."

Last week, FTX indicated that it made more than 100,000 creidotres with claims in the case in its Chapter 11 bankruptcy protection filing on Friday. However, in an updated filing on Monday, lawyers for the crypto exchange wrote, "In fact, there could be more than one million creditors in these Chapter 11 Cases." These speculated creditors are said to belong to more than 100 different companies.

According to the filing, five new independent directors have been appointed at each of FTX's main parent companies, including its sister trading company Alameda Research. Former Delaware District Judge Joseph H. Farnen will serve as director of FTX Trading and Lead Independent Director of the group.

Bankruptcy cases require a debtor to provide a list of the names and addresses of the 20 largest unsecured claims against the debtor, according to the filing. However, due to the potential scale of FTX's debts, the company's lawyers plan to file a list of the 50 largest creditors by Friday.

Moreover, FTX has been in contact with several regulators in the United States and overseas, the filing stated. These include the U.S. Attorney's Office, the U.S. Securities and Exchange Commission, and the U.S. Commodity Futures Trading Commission.

Founded in 2019, FTX offered cryptocurrency trading to both retail and professional investors. At its peak, the platform was the third largest in the world by volume, amassing over one million users. The exchange's collapse has sent shockwaves throughout the crypto market, with popular digital assets like Bitcoin tumbling to two year lows.

After a failed rescue deal with Binance, FTX filed for bankruptcy as the company was met with a surge in withdrawls. Friday's filing also announced founder and CEO Sam Bankman-Fried stepping down his role at the exchange.

"FTX faced a severe liquidity crisis that necessitated the filing of these cases on an emergency basis last Friday, 'Lawyers wrote in the updated filing. "Questions arose about Mr. Bankman-Feierd's leadership and the handling of FTX's complex array of assets and businesses under his direction."

In the fallout of FTX's collapse, cryptocurrency exchange BlockFi is also reportedly preparing a potential bankruptcy filing after halting withdrawals and citing "significant exposure" to FTX, according to The Wall Street Journal.