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.
U.S. President Warns Of “Ferocious Surge” Of Antisemitism In US
Israel Says Hamas Truce Proposal Short Of Essential Demands
TikTok, ByteDance Sue To Block US Law Seeking Sale
Uncle: He Was Very Close To Me and My Children
Prime Minister: The Port Authority Had More Than Ample Notice
Devynne Hosts Second Free Hurdles Clinic for Girls
Team Bahamas 4th In Mixed Relay, Shine In 4 X 100M
L’Elmo Di Ottone: The Feel And Taste of Italy
Police: Gang Leader Gunned Down During Early Morning Ambush
Uncle: He Was Very Close To Me and My Children
Man’s Bullet-Ridden Body Found in Abandoned Building
Hundreds Ride The Waves at Poker Run
Devynne Hosts Second Free Hurdles Clinic for Girls
Prime Minister: The Port Authority Had More Than Ample Notice
Uncle: He Was Very Close To Me and My Children
Sweet Emily Details Inspiration For New Song
Man’s Bullet-Ridden Body Found in Abandoned Building
New Code of Conduct Takes Center Stage at Taxi Town Hall
-
Sports3 days agoTeam Bahamas 4th In Mixed Relay, Shine In 4 X 100M
-
National2 days agoL’Elmo Di Ottone: The Feel And Taste of Italy
-
National2 days agoPolice: Gang Leader Gunned Down During Early Morning Ambush
-
National14 hours agoUncle: He Was Very Close To Me and My Children
-
National15 hours agoMan’s Bullet-Ridden Body Found in Abandoned Building
-
Lifestyle2 days agoHundreds Ride The Waves at Poker Run
-
National3 days agoSweet Emily Rocks Jazz In The Gardens Festival
-
Sports2 days agoMixed 4×400 Team Qualifies for Paris Olympics