Wednesday, May 22, 2024
HomeNewsFTX Exchange files for bankruptcy, CEO Bankman Resigns

FTX Exchange files for bankruptcy, CEO Bankman Resigns

A well-known exchange FTX files for bankruptcy amid $8 billion shortfall. According to the Bankman-Fried, The CEO of FTX has also stepped down. More than 125 companies are invested in FTX including Alameda Research, Bankman-Fried’s crypto trading firm, and are in the front end.

Bankruptcy filings said FTX US and Alameda Research had between $10 billion and $50 billion in liabilities, as well as $10 billion to $50 billion in assets. and also they have 100,000 creditors.

In a Twitter Bankman-Fried posted,

”Today, I filed FTX, FTX US, and Alameda for voluntary Chapter 11 proceedings in the US.”
”Hopefully, things can find a way to recover. Hopefully, this can bring some amount of transparency, trust, and governance to them.”

However, Companies filing for Chapter 11 bankruptcy are able to continue their day-to-day operations.



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