Picture made by the company to explain Crypto exchange FTX has filed for bankruptcy.
In addition to FTX Trading Ltd., the company said more than 100 corporate entities affiliated with the company, including Alameda Research, have also filed for bankruptcy. The announcement said CEO Sam Bankman-Fried had resigned, and John J. Ray was appointed to replace him.
“Immediate removal of Chapter 11 is appropriate to provide an opportunity to assess the status of FTX Group and develop a process for stakeholders to maximize recoveries.”
According to the statements, the company has applied for “Chapter 11” for legal process. Subsidiaries not involved in Chapter 11 transactions include LedgerX LLC, FTX Digital Markets Ltd., FTX Australia Pty Ltd. and FTX Express Pay Ltd. is located.
After the announcement, the crypto market fell again. Bitcoin fell to $ 16,543.
The news will be updated in the light of developments.
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