FTX Submits Chapter 11 Bankruptcy Filing, Sam Bankman-Fried Resigns
November 11, 2022
![Avatar photo](https://en.ethereumworldnews.com/wp-content/uploads/2022/03/IMG_6129-50x50.jpg"></p><p>Summary:</p><ul><li>FTX has filed for bankruptcy after pausing withdrawals earlier.</li><li>The chapter 11 bankruptcy filing covers all members of FTX Trading Limited including FTX US, Alameda, and around 130 other affiliated entities.</li><li>Founder and CEO Sam Bankman-Fried has also resigned.</li></ul><div class=)
Cryptocurrency exchange FTX filed for chapter 11 bankruptcy under the United States Bankruptcy code after a botched bailout deal with Binance and a massive “liquidity crunch”.
FTX.US, the American subsidiary of Sam Bankman-Fried’s crypto exchange giant, and his trading firm Alameda Research are included in the filing, per Friday’s official announcement. 130 other affiliated companies are included in the proceedings as well.
Bankman-Fried has also stepped down as CEO but will remain to “assist in an orderly transition”, Friday’s statement read. SBF’s $32 billion fortune evaporated following revelations about insolvency and asset mismanagement at his companies including crypto exchange FTX and Alameda.
Press Release pic.twitter.com/rgxq3QSBqm
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