FTX has filed for Chapter 11 Proceedings in the United States. This follows the fiasco over the past couple of days where the company failed to honor its customer’s withdrawal requests.

  • In a press release shared minutes ago, FTX announced that the group will be filing for Chapter 11 Proceedings in the United States.
  • According to the release, FTX, Alameda Research, as well as 130 additional affiliated companies that are associated with FTX, have commenced the voluntary proceedings under 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 said:

The immediate relief of Chapter 11 is appropriate to provide the FTX Group the opportunity to assess its situation and develop a process to maxmize recoveries for stakeholders. The FTX Group has valuable assets that can only be effectively administered in an organized, joint process.”

SPECIAL OFFER (Sponsored)

Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to receive up to $7,000 on your deposits.

George Georgiev

Source link

You May Also Like

Burned LUNC Crosses 26 Billion, But Is This Enough? | Headlines | News | CoinMarketCap

The LUNA Classic (LUNC) community has now been burning the cryptocurrency for…

‘Thank God’ El Salvador doesn’t have any Bitcoin on FTX, CZ clarifies

False information spreading online suggested that the president of El Salvador, Nayib…

With Facebook Becoming Meta, Chief Marketing Officer Alex Schultz Says, ‘We’re Not Running From Anything’

Facebook employees unveil a new logo and the name “Meta” on the…

Optimism (OP) Cracks Double-digit Gains, Can Bulls Breach $1 Mark?

OP’s price shows the first sign of bounce after seeing its price…

eth2 quick update no. 2 | Ethereum Foundation Blog

Welcome to the second installment of eth2 quick update. tldr; Spec release…

Crypto Trading Platform Bitvo Terminates Acquisition Deal With FTX | Bitcoinist.com

Cryptocurrency trading platform Bitvo, based in Canada, has stated that it has…