After days of confusion, the firm FTX has announced it has filed for Chapter 11 bankruptcy in the U.S., according to a Twitter statement.
Troubled Crypto Exchange FTX Files for Chapter 11 Bankruptcy Protection, CEO Steps Down
The embattled crypto exchange FTX has informed the public that the FTX parent firm West Realm Shires Services, Alameda Research, and approximately 130 additional affiliated companies have filed for Chapter 11 bankruptcy protection in Delaware. FTX’s Parent Company, Alameda Research, and 130 Associated Firms Voluntarily Commence Bankruptcy Proceedings
After days of confusion and speculation, the firm FTX has announced it has filed for Chapter 11 bankruptcy in the U.S., according to a Twitter. The letter details that West Realm Shires Services , Alameda Research, and approximately 130 additional affiliated firms have commenced voluntary proceedings.
Sam Bankman-Fried , FTX’s CEO has stepped down from the role of CEO and has been replaced by an individual named John J. Ray III. “The immediate relief of Chapter 11 is appropriate to provide the FTX Group the opportunity to assess its situation and develop a process to maximize recoveries for stakeholders,” the FTX statement said on Friday.
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