While the future of cryptocurrencies, which are shown as the money of the future, is still uncertain, FTX, one of the world’s leading exchanges, announced its bankruptcy. In addition, FTX’s Founder and CEO Sam Bankman-Fried CEO Sam Bankman-Fried announced his resignation.
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FTX Had Said No Shortage in Previous Days
The company shared the following statements in a tweet on its official Twitter account:
FTX Group Companies Commence Voluntary Chapter 11. Transactions in the U.S. Initiated an Orderly Process to Review and Monetize Assets for the Benefit of Global Stakeholders. John J. Ray III Appointed Chief Executive Officer; Sam Bankman-Fried resigns.
FTX Trading Ltd. (d.b.a. FTX.com) announced today that West Realm Shires Services Inc. (d.b.a. FTX US), Alameda Research Ltd. and approximately 130 additional affiliated companies (together, the “FTX Group”) have begun an orderly process to review and monetize assets for the benefit of all global stakeholders. Voluntary proceedings were commenced in the District of Delaware under Chapter 11 of the United States Bankruptcy Code to initiate an orderly process to review and monetize assets for the benefit of all global stakeholders.
“The immediate relief of Chapter 11 is appropriate to provide the FTX Group with the opportunity to assess its situation and develop a process that will maximize recoveries for stakeholders. The FTX Group has valuable assets that can only be effectively managed in an organized, collaborative process. I want every employee, customer, creditor, contracting party, shareholder, investor, government agency and other stakeholders to be confident that we will make this happen. We will strive with rigor, diligence and transparency. Stakeholders should understand that things are moving fast and the new team has only recently come on board. Stakeholders should review the materials presented in the case file in the coming days for more information.”Bay Ray
The following subsidiaries are not involved in Chapter 11 transactions: LedgerX LLC, FTX Digital Markets Ltd, FTX Australia Pty Ltd. and FTX Express Pay Ltd.