International
FTX To Start U.S. Bankruptcy Proceedings
UNITED STATES – As the company is to start in the U.S. bankruptcy proceedings as CEO Sam Bankman-Fried steps down.
UNITED STATES – As the company is to start in the U.S. bankruptcy proceedings as CEO Sam Bankman-Fried steps down.
The shocking news comes after a liquidity crisis prompting intervention from global regulators including the local Securities Commission.
The company said in a statement via tweet on Friday, that FTX and its approximately 130 other affiliates, have commenced voluntary Chapter 11 Bankruptcy proceedings in Delaware.
The distressed crypto trading platform was struggling to raise billions to stave off collapse after a wave of withdrawals of $6 billion.
John J Ray III is the appointed CEO from Bankman-Fried, who will assist with an orderly transition.
The week-long saga began with a run on FTX and an abandoned takeover deal by rival Binance.
Speaking on the issue of local implications – Bahamas based trader NN Fernander says he wasn’t surprised by the news.
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