Crypto exchange FTX_Official has filed for bankruptcy in the U.S., with CEO and founder SBF_FTX resigning from his role. John Ray III takes the role as new CEO, calling the bankruptcy filing 'the beginning of a path forward.'
entity as well as FTX US, Alameda Research and “approximately 130 additional affiliated companies,” have all filed for Chapter 11 bankruptcy proceedings, according to a press release. Chapter 11 bankruptcy proceedings are filed when the company hopes or expects to be able to restructure its operations, rather than Chapter 7 bankruptcy proceedings, which just liquidates assets.Twitter thread
posted after the bankruptcy, Bankman-Fried apologized, saying"hopefully things can find a way to recover." "I'm piecing together all of the details, but I was shocked to see things unravel the way they did earlier this week," he said."I will, soon, write up a more complete post on the play by play, but I want to make sure that I get it right when I do."“The FTX Group has valuable assets that can only be effectively administered in an organized, joint process,” Ray said in a statement.
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