FTX files for bankruptcy as CEO Sam Bankman-Fried resigns

FTX files for bankruptcy as CEO Sam Bankman-Fried resigns

FTX filed for chapter and introduced the resignation of its CEO Sam Bankman-Fried on Friday, marking a surprising downfall for a billionaire seen as one of many cryptocurrency sector’s most outstanding figures.

The submitting was made at a federal courtroom in Delaware and consists of FTX.US, the corporate’s American arm, and Bankman-Fried’s proprietary buying and selling arm Alameda Analysis, in addition to roughly 130 affiliated corporations.

John J. Ray will change Bankman-Fried as CEO.

“The instant aid of Chapter 11 is acceptable to offer the FTX Group the chance to evaluate its scenario and develop a course of to maximise recoveries for stakeholders,” Ray stated in an announcement.

“The FTX Group has helpful belongings that may solely be successfully administered in an organized, joint course of. I need to guarantee each worker, buyer, creditor, contract occasion, stockholder, investor, governmental authority and different stakeholder that we’re going to conduct this effort with diligence, thoroughness and transparency,” Ray added.

This can be a breaking story. Test again for updates.

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