FTX Commences Bankruptcy Proceedings as CEO Steps Down

Binance and FTX: What Are the Odds on the Buyout Going Ahead? has commenced Chapter 11 Bankruptcy proceedings after unsuccessfully attempting to raise $8 billion in liquidity.

According to the notice, FTX US, Alameda Research and 130 other connected entities will join bankruptcy proceedings.

FTX CEO Sam Bankman-Fried has stepped down, with John J. Ray III appointed the FTX Group’s chief executive.

“The immediate relief of Chapter 11 is appropriate to provide the FTX Group the opportunity to assess its situation and develop a process to maximize recoveries for stakeholders,” Ray said in the bankruptcy notice.

This is a developing story.


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