FTX files for bankruptcy protection, CEO Sam Bankman-Fried steps down

InfoNesia.xyz – FTX, Alameda, and 130 affiliated companies have commenced voluntary proceedings under Chapter 11 of the United States Bankruptcy Code. Sam Bankman-Fried has resigned from his role as Chief Executive Officer.

FTX files for bankruptcy as SBF resigns

Striving Crypto Exchange FTX has informed the public that the FTX parent firm West Realm Shires Services, Alameda Research, and approximately 130 additional affiliated companies have filed for Chapter 11 bankruptcy protection in Delaware. In its tweet hours ago, FTX Also revealed that its Chief Executive Officer Sam Bankman-Fried has stepped down.

After days of confusion and speculation during which FTX’s valuation slid from $32 billion to zero, the firm has finally declared a new course. However, the announcement does not include specific FTX-related subsidiaries such as LedgerX, FTX Digital Markets, FTX Australia, and FTX Express Pay.

FTX and its drastic decline

In the wake of the firm’s crisis, Sam Bankman-Fried (SBF), FTX’s long-time CEO, has resigned and has been replaced by an individual named John J. Ray III. According to FTX’s report: