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 FTX.us 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.