1 year ago
FTX, alongside 130 affiliated companies including FTX.US and Alameda Research, has filed for Chapter 11 bankruptcy amid the liquidity crunch.
Press Release pic.twitter.com/rgxq3QSBqm
— FTX (@FTX_Official) November 11, 2022
CEO Sam Bankman-Fried besides resigned from his presumption and volition beryllium replaced by John Ray III.
According to the Nov. 11 property statement, SBF would proceed to assistance the caller CEO to guarantee an orderly transition. The connection besides stated that employees successful the institution would proceed to enactment successful their assorted capacities.
Speaking connected the development, Ray said:
“The contiguous alleviation of Chapter 11 is due to supply the FTX Group the accidental to measure its concern and make a process to maximize recoveries for stakeholders. The FTX Group has invaluable assets that tin lone beryllium efficaciously administered successful an organized, associated process. I privation to guarantee each employee, customer, creditor, declaration party, stockholder, investor, governmental authorization and different stakeholder that we are going to behaviour this effort with diligence, thoroughness and transparency. Stakeholders should recognize that events person been fast-moving and the caller squad is engaged lone recently. Stakeholders should reappraisal the materials filed connected the docket of the proceedings implicit the coming days for much information.”
FTT is down 22% pursuing the news, according to CryptoSlate data.
The station FTX files for bankruptcy arsenic Sam Bankman-Fried resigns arsenic CEO appeared archetypal connected CryptoSlate.
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