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FTX recordsdata Chapter 11 chapter, Sam Bankman-Fried out as CEO

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Cryptocurrency trade FTX filed for bankruptcy Friday morning, concurrently saying the resignation of founder and CEO Sam Bankman-Fried.

The voluntary Chapter 11 submitting comes after the speedy and sudden collapse of the trade, which noticed $6 billion in withdrawal requests over three days, inflicting a liquidity crunch.

“The instant aid of Chapter 11 is acceptable to supply the FTX Group the chance to evaluate its scenario and develop a course of to maximise recoveries for stakeholders,” mentioned new CEO John J. Ray III.

Bankman-Fried will stay with the corporate to help with Ray’s transition into the management function.

All totaled greater than 130 FTX affiliated corporations have been included within the Chapter 11 submitting.

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