FTX Submits Chapter 11 Bankruptcy Filing, Sam Bankman-Fried Resigns

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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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