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FTX Files for Bankruptcy in the United States, and SBF Resigns from His Position

05/12/2022
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Crypto exchange FTX filed for Chapter 11 bankruptcy protection in the U.S. 

The firms that make up the FTX Group have initiated Chapter 11 bankruptcy procedures. This includes not just the FTX.com organization but also FTX US, Alameda Research, and “approximately 130 additional affiliated companies.”

Sam Bankman-Fried, who was the CEO and creator of the company, resigned from his position but has agreed to help ensure a smooth transition. The position of chief executive officer has been given to John Ray III.

John J. Ray III, an American attorney, first came to public attention in 2004 when he was selected to preside over the liquidation of Enron, a Texas energy company that had collapsed in 2001 as a result of significant financial fraud that had been exposed.

Ray saw filing for bankruptcy as the first step on the road to recovery. He made the following observation: “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.”

According to the petition, the bankruptcy procedures will not cover FTX Digital Markets, FTX Australia, FTX Express Pay, or LedgerX (which conducts business as FTX US Derivatives). These four entities are not part of the FTX group.

FTX founder SBF apologized via tweeting, “hopefully things can find a way to recover.”

“I’m piecing together all of the details, but I was shocked to see things unravel the way they did earlier this week,”. He also added, “I will, soon, write up a more complete post on the play by play, but I want to make sure that I get it right when I do.”

Respective bankruptcy filings said FTX US and Alameda Research had between $10 billion and $50 billion in liabilities and a similar range in assets. Bloomberg reported that Bankman-Fried’s wealth was down “100%” from $16.2bn earlier this year.

Compiled by Coinbold

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