Troubled crypto exchange FTX filed for Chapter 11 bankruptcy protection in the U.S., with Sam Bankman-Fried resigning as the CEO.
The bankruptcy application included approximately 130 more affiliated companies including Alameda Research, the exchange’s trading firm, and FTX US, the company’s U.S. subsidiary.
According to an FTX statement posted on Twitter, John J. Ray III took over as the CEO of the FTX Group.
Ray pointed out:
“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.”
FTX also indicated that it comprised at least 100,000 creditors, with assets ranging between $10 billion and $50 billion. Liabilities were valued at a similar range.
Ray noted:
“The FTX Group has valuable assets that can only be effectively administered in an organized, joint process. I want to assure every…
