It’s official: almost the entire FTX group is starting voluntary bankruptcy proceedings in the United States. At the same time, Sam Bankman-Fried is stepping down as CEO of the company.
End clap for FTX
In a statement posted on Twitter, the FTX group has just announced that it is starting a voluntary bankruptcy procedure in the USA :
🚨 Sam Bankman-Fried steps down as CEO and #FTX files for bankruptcy https://t.co/t7wGbHZP8t
— Cryptoast – Bitcoin & Cryptocurrencies (@cryptoastblog) November 11, 2022
This procedure includes the main companies of the FTX group, namely FTX Trading Ltd. (doing business as FTX.com), West Realm Shires Services Inc. (doing business as FTX US) and Alameda Research Ltd.
130 other subsidiaries are also concernedalthough LedgerX LLC, FTX Digital Markets Ltd, FTX Australia Pty Ltd and FTX Express Pay Ltd are excluded.
Through court documents, the FTX Group claimed more than 100,000 creditors, with debts estimated between 10 and 50 billion dollars.
🔴 LIVE – Follow the FTX deal in real time
Sam Bankman-Fried steps down as CEO
FTX also announces that Sam Bankman-Fried is no longer the company’s CEO. However, he will contribute to the smooth running of the transition with his successor, namely John J. Ray III:
“Many FTX Group employees in various countries are expected to continue to work for FTX Group and assist Mr. Ray and independent professionals in his operations during the proceedings. »
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Editor-in-chief of Cryptoast, I discovered Bitcoin and blockchain technology in 2017. Since then, I have been striving to share quality content so that the sector becomes more democratic for everyone.
Clement Wardzala
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