FTX has filed for Chapter 11 Proceedings in the US. This follows the fiasco over the previous couple of days the place the corporate didn’t honor its buyer’s withdrawal requests.
- In a press launch shared minutes in the past, FTX introduced that the group can be submitting for Chapter 11 Proceedings in the US.
- In line with the discharge, FTX, Alameda Analysis, in addition to 130 extra affiliated firms which are related to FTX, have commenced the voluntary proceedings underneath 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 mentioned:
The speedy aid of Chapter 11 is suitable to supply the FTX Group the chance to evaluate its scenario and develop a course of to maxmize recoveries for stakeholders. The FTX Group has invaluable property that may solely be successfully administered in an organized, joint course of.”
This text first appeared on CryptoPotato
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