FTX, alongside 130 affiliated corporations 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 might be changed by John Ray III.
In response to 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 quick reduction of Chapter 11 is acceptable to offer the FTX Group the chance to evaluate its scenario and develop a course of to maximise recoveries for stakeholders. The FTX Group has useful property that may solely be successfully administered in an organized, joint course of. I wish to guarantee each worker, buyer, creditor, contract get together, 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 evaluation the supplies filed on the docket of the proceedings over the approaching days for extra data.”
FTT is down 22% following the information, in line with CryptoSlate information.