FTX has filed for Chapter 11 Proceedings in the USA. This follows the fiasco over the previous couple of days the place the corporate did not honor its buyer’s withdrawal requests.
- In a press launch shared minutes in the past, FTX introduced that the group will probably be submitting for Chapter 11 Proceedings in the USA.
- Based on the discharge, FTX, Alameda Analysis, in addition to 130 extra affiliated firms which are related to FTX, have commenced the voluntary proceedings beneath Chapter 11.
- Sam Bankman-Fried has resigned as CEO.
- Commenting on the matter was the newly-appointed CEO of FTX Group – John J. Ray III, who stated:
The fast reduction of Chapter 11 is suitable to supply the FTX Group the chance to evaluate its state of affairs and develop a course of to maxmize recoveries for stakeholders. The FTX Group has beneficial property that may solely be successfully administered in an organized, joint course of.”
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