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.
Softball Coach Charged with Unlawful Sexual Intercourse with Teen Girl
Caribbean Nationals Among 130 Immigrant Offenders Nabbed In NY
EU Prefers Negotiation On U.S. Tariffs, But Readies First Retaliation
D.R. Reinforces Border Security And Haiti Migration
U.S.-China Trade War Puts TikTok Deal In Limbo
Thousands Take Part In Anti-Trump ‘Hands Off!’ Protests
-
Court47 minutes agoSoftball Coach Charged with Unlawful Sexual Intercourse with Teen Girl
-
Court1 hour agoMan Denies Molesting Granddaughter Over Five-Year Period
-
National12 hours agoCloud Bahamas Portal Now Live
-
International7 hours agoMSC Group Inaugurates World’s Largest Cruise Terminal in Miami
-
International57 minutes agoCaribbean Nationals Among 130 Immigrant Offenders Nabbed In NY
-
International57 minutes agoU.S.-China Trade War Puts TikTok Deal In Limbo
-
International57 minutes agoEU Prefers Negotiation On U.S. Tariffs, But Readies First Retaliation
-
International57 minutes agoTrump Threatens Additional Tariffs On China, Terminates Talks