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Confused cryptocurrency exchange FTX is filing for bankruptcy after its founder resigned from his role as the company’s CEO.
new press releaseFTX said it is filing for Chapter 11 bankruptcy while appointing a successor to CEO Sam Bankman-Fried, the company’s founder.
“[FTX and its affiliated groups] Initiated voluntary Chapter 11 proceedings in the Delaware District to initiate an orderly process to review and monetize assets for the benefit of all global stakeholders .
Filing comes as Bloomberg label Bankman-Fried’s net worth has fallen to zero after hitting $26 billion a week ago in the cryptocurrency bull market and $16 billion a week ago.
Submissions include FTX, FTX.US and Alameda Research. John J. Ray III will succeed Bankman-Fried as his CEO. However, the former billionaire will remain with the company to help with bankruptcy proceedings.
Ray says taking care of FTX’s stakeholders, customers and employees will be his first job as the company’s new CEO.
Chapter 11 Immediate Relief is appropriate to provide FTX Group with an opportunity to assess the situation and develop processes to maximize the recovery of its stakeholders.
FTX Group has valuable assets that can only be effectively managed through an organized, collaborative process. I would like to assure all of our employees, customers, creditors, contracting parties, shareholders, investors, governmental authorities and other stakeholders that we will carry out this commitment diligently, thoroughly and transparently.
bankman fried To tell I am optimistic that FTX will survive and continue to serve its customers.
“[Filing for bankruptcy] It doesn’t necessarily imply a company’s purpose or its ability to primarily provide value and funding to its customers, and may coincide with other routes. Ultimately, I’m optimistic that Ray and others will offer the best.
FTX has been accused of mishandling customer funds and lending billions of dollars in customer deposits to its quantitative trading arm, Alameda Research, a move Bankman-Fried called the move an “error of judgment.” ‘ is reported to have been expressed.
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