FTX crypto exchange files for chapter 11 bankruptcy protection
Sam Bankman-Fried also stepped down as FTX CEO as John J. Ray III takes over during the bankruptcy process.
It was a calamitous week for cryptocurrency exchange company FTX, and it seems to be getting even worse as the company looks to file for chapter 11 bankruptcy protection. The company announced its filing recently, and as it enters the process, CEO Sam Bankman-Fried is also stepping down from the role. He will be replaced by John J. Ray III, who will oversee the company through the bankruptcy process.
The filing and CEO swap were announced by FTX in a statement posted on the company’s Twitter on November 11, 2022. According to the filing, the company will voluntarily commence proceedings related to chapter 11 bankruptcy, including the “process to review and monetize assets for benefit of global stakeholders.”
In stepping into the CEO role in place of Bankman-Fried, John Ray III shared a statement that he hopes the bankruptcy process will provide peace of mind to shareholders.
“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,” Ray said in his statement. “The FTX Group has valuable assets that can only be effectively administered in an organized, joint process. I want to ensure every employee, customer, creditor, contract party, stockholder, investor, governmental authority and other stakeholder that we are going to conduct this effort with diligence, thoroughness and transparency.”
FTX has been in dire straits for a while now. This week began with Binance looking like it might bail the company out with an acquisition of FTX, but then Binance backed out of a deal completely. This led to Sam Bankman-Fried then issuing a public apology in an address of FTX’s liquidity.
With this move into chapter 11 bankruptcy proceedings, it looks like FTX at the end of its rope. Stay tuned as we continue to follow-up with further information and updates.
TJ Denzer posted a new article, FTX crypto exchange files for chapter 11 bankruptcy protection
Dev Dump? I have no idea where this belongs:
FTX Files for Chapter 11 Bankruptcy
"Beleaguered cryptocurrency platform FTX filed for bankruptcy protection Friday—a swift demise for a company hailed as a trusted platform just a week ago.
In a statement, the company said Chief Executive Sam Bankman -Fried resigned from his position but would remain at the company to assist with an orderly transition. FTX said that it would begin a process to review and monetize assets for stakeholders.
John J. Ray III has been named the new CEO of FTX Group, the company said. The bankruptcy filing includes FTX Trading Ltd., the company presiding over the global trading website FTX.com, Alameda Research, a trading firm founded by Mr. Bankman-Fried, and the company over FTX US, the platform for U.S. users.
Bitcoin slipped after the announcement to trade near $16,500 apiece."
April 2022 Sam Bankman-Fried tried to get $5B from Elon for FTX
Downtown billboards that aged poorly
This was in August.
I’m not even sure why someone would buy a used car from Budget Andy Kaufman there but I figured I should snap a photo while waiting for the inevitable.
Yup, some building on Elm.
Also I saw these back in January and thought, “they promised us flying cars, instead we got crypto credit cards”
Bonus: some local rapper with an album named “Blockchain”. It would be like if 2Pac made an album about Beanie Babies