FTX, alongside 130 affiliated firms together with FTX.US and Alameda Analysis, has filed for Chapter 11 chapter amid the liquidity crunch.
Press Launch pic.twitter.com/rgxq3QSBqm
— FTX (@FTX_Official) November 11, 2022
CEO Sam Bankman-Fried additionally resigned from his place and will probably be changed by John Ray III.
In line with the Nov. 11 press assertion, SBF would proceed to help the brand new CEO to make sure an orderly transition. The assertion additionally acknowledged that workers within the firm would proceed to behave of their varied capacities.
Talking on the event, Ray mentioned:
“The rapid aid of Chapter 11 is suitable to supply the FTX Group the chance to evaluate its scenario and develop a course of to maximise recoveries for stakeholders. The FTX Group has beneficial belongings that may solely be successfully administered in an organized, joint course of. I need to guarantee each worker, buyer, creditor, contract social gathering, stockholder, investor, governmental authority and different stakeholder that we’re going to conduct this effort with diligence, thoroughness and transparency. Stakeholders ought to perceive that occasions have been fast-moving and the brand new group is engaged solely not too long ago. Stakeholders ought to assessment the supplies filed on the docket of the proceedings over the approaching days for extra data.”
FTT is down 22% following the information, in keeping with CryptoSlate knowledge.
