FTX, FTX US and Alameda File for Chapter 11 Bankruptcy in the United States; SBF resigns
FTX CEO Sam Bankman-Fried has resigned and will be replaced by John Ray.
Recent news
In one week, crypto exchange FTX went from being proposed for acquisition by Binance to address its liquidity issues to filing for Chapter 11 bankruptcy in the District of Delaware.
In a November 11 tweet, FTX said that approximately 130 companies in the FTX Group, including FTX Trading, FTX US (under West Realm Shire Services), and Alameda Research, have initiated bankruptcy proceedings in the United States. United. FTX CEO Sam Bankman-Fried has also resigned and will be replaced by John Ray.
Press release pic.twitter.com/rgxq3QSBqm
— FTX (@FTX_Official) November 11, 2022“The immediate Chapter 11 relief is appropriate to give the FTX Group the opportunity to assess its situation and develop a process to maximize recoveries for stakeholders,” Ray said. "FTX Group has valuable assets that can only be managed effectively through an organized and joint process."
According to the filing, LedgerX, FTX Digital Markets — the group's subsidiary in the Bahamas — FTX Australia and FTX Express Pay will not be parties to the bankruptcy proceedings.
This story is under development and will be updated.
FTX CEO Sam Bankman-Fried has resigned and will be replaced by John Ray.
Recent news
In one week, crypto exchange FTX went from being proposed for acquisition by Binance to address its liquidity issues to filing for Chapter 11 bankruptcy in the District of Delaware.
In a November 11 tweet, FTX said that approximately 130 companies in the FTX Group, including FTX Trading, FTX US (under West Realm Shire Services), and Alameda Research, have initiated bankruptcy proceedings in the United States. United. FTX CEO Sam Bankman-Fried has also resigned and will be replaced by John Ray.
Press release pic.twitter.com/rgxq3QSBqm
— FTX (@FTX_Official) November 11, 2022“The immediate Chapter 11 relief is appropriate to give the FTX Group the opportunity to assess its situation and develop a process to maximize recoveries for stakeholders,” Ray said. "FTX Group has valuable assets that can only be managed effectively through an organized and joint process."
According to the filing, LedgerX, FTX Digital Markets — the group's subsidiary in the Bahamas — FTX Australia and FTX Express Pay will not be parties to the bankruptcy proceedings.
This story is under development and will be updated.
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