FTX files for bankruptcy and CEO Sam Bankman-Fried resigned

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The formerly third-largest cryptocurrency exchange FTX has lost its reputation over the past week and has just revealed that it has filed for Chapter 11 bankruptcy in the United States.

Former Enron turnaround expert John J. Ray III has been named as the new CEO of FTX following the resignation of Sam Bankman-Fried, the company’s founding CEO. According to a statement from FTX, approximately 130 additional affiliated companies, including FTX US and Alameda Research, have also started the bankruptcy process. It said that FTX Australia, FTX Express Pay, and the exchange’s Bahamian subsidiary, FTX Digital Markets, as well as its U.S. options platform LedgerX, are not parties to the proceedings. Ray stated in a statement that “the immediate relief of Chapter 11 is appropriate to give the FTX Group the chance to assess its situation and develop a process to maximise recoveries for stakeholders.”

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FTX files for bankruptcy and CEO Sam Bankman-Fried resigned

The formerly third-largest cryptocurrency exchange FTX has lost its reputation over the past week and has just revealed that it has filed for Chapter 11 bankruptcy in the United States.

Former Enron turnaround expert John J. Ray III has been named as the new CEO of FTX following the resignation of Sam Bankman-Fried, the company’s founding CEO. According to a statement from FTX, approximately 130 additional affiliated companies, including FTX US and Alameda Research, have also started the bankruptcy process. It said that FTX Australia, FTX Express Pay, and the exchange’s Bahamian subsidiary, FTX Digital Markets, as well as its U.S. options platform LedgerX, are not parties to the proceedings. Ray stated in a statement that “the immediate relief of Chapter 11 is appropriate to give the FTX Group the chance to assess its situation and develop a process to maximise recoveries for stakeholders.”

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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