FTX, FTX US and Alameda will file for Chapter 11 bankruptcy in the United States; SBF resigns
FTX CEO Sam Bankman-Fried has stepped down but "will stay on to help with an orderly transition" before being replaced by John Ray.
![FTX, FTX US and Alameda will file for Chapter 11 bankruptcy in US; SBF resigns](https:// images.cointelegraph.com/images/1434_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMTEvMjNiZjNmN2ItMjVjOS00MDU2LTgwNGUtZGYxZGMzYWNjNzA3LmpwZw==.jpg)
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 Nov. 11 tweet, FTX said that approximately 130 FTX Group companies — including FTX Trading, FTX US, under West Realm Shires Services, and Alameda Research — had commenced 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."
In a subsequent tweet, Bankman-Fried echoed his Nov. 10 apology, saying he was "truly sorry" for the situation with FTX:
"I hope things can find a way to straighten out. I hope it brings them some transparency, trust and governance. In the end, I hope it can be better for customers."
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. The announcement did not include details of a...
![FTX, FTX US and Alameda will file for Chapter 11 bankruptcy in the United States; SBF resigns](https://images.cointelegraph.com/images/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMTEvMjNiZjNmN2ItMjVjOS00MDU2LTgwNGUtZGYxZGMzYWNjNzA3LmpwZw==.jpg?#)
FTX CEO Sam Bankman-Fried has stepped down but "will stay on to help with an orderly transition" before being replaced by John Ray.
![FTX, FTX US and Alameda will file for Chapter 11 bankruptcy in US; SBF resigns](https:// images.cointelegraph.com/images/1434_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMTEvMjNiZjNmN2ItMjVjOS00MDU2LTgwNGUtZGYxZGMzYWNjNzA3LmpwZw==.jpg)
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 Nov. 11 tweet, FTX said that approximately 130 FTX Group companies — including FTX Trading, FTX US, under West Realm Shires Services, and Alameda Research — had commenced 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."
In a subsequent tweet, Bankman-Fried echoed his Nov. 10 apology, saying he was "truly sorry" for the situation with FTX:
"I hope things can find a way to straighten out. I hope it brings them some transparency, trust and governance. In the end, I hope it can be better for customers."
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. The announcement did not include details of a...
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