It’s official: almost the entire FTX group is filing for voluntary bankruptcy in the US. At the same time, Sam Bankman-Fried is stepping down as CEO of the company
The end for FTX
In a statement posted on Twitter, FTX Group has announced that it is entering voluntary bankruptcy proceedings in the US:
Sam Bankman-Fried resigns as CEO and FTX files for bankruptcy https://t.co/t7wGbHZP8t
– Cryptoast – Bitcoin & Crypto-currencies (@cryptoastblog) November 11, 2022
This proceeding includes the main companies of the FTX group, namely FTX Trading Ltd (doing business as FTX.com), West Realm Shires Services Inc (doing business as FTX US) and Alameda Research Ltd.
130 other subsidiaries are also involved, although LedgerX LLC, FTX Digital Markets Ltd, FTX Australia Pty Ltd and FTX Express Pay Ltd are excluded.
Through court documents, the FTX Group has claimed more than 100,000 creditors, with debts estimated at between $10 billion and $50 billion.
Sam Bankman-Fried steps down as CEO
FTX also announces that Sam Bankman-Fried is no longer the company’s CEO. He will, however, help ensure a smooth transition with his successor, John J. Ray III:
Many FTX Group employees in various countries are expected to continue to work for the FTX Group and assist Mr. Ray and independent professionals in his operations during the process.
