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FTX cryptocurrency exchange declares bankruptcy

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The group FTX had to resort to declare bankruptcy in the United States. Sam Bankman Friedthe chief executive officer of the stock exchange, has resigned.

This Friday, FTX has officially announced that FTX.com, FTX.us, Research in Alameda and about 130 affiliated companies Sam Bankman Fried’s group had filed a archive With the American justice system to place itself under the. chapter 11 protection.

This provision of federal law provides for a reorganization proceeding for the benefit of a distressed debtor.. The company can thus be restructured with a plan defined in agreement with the creditors and validated by a court.

The application of Chapter 11 is appropriate to give the FTX Group the opportunity to assess its situation and develop a process to maximize shareholder recovery […] I want to assure all employees, customers, creditors, contracting parties, shareholders, investors, governmental authorities and other interested parties that we will pursue this effort with diligence, rigor and transparency.” said John Ray III, the new head of the stock exchange.

Sam Bankman Friedfounder of FTX, has in fact resigned from his position of CEOaccording to the release.

Note that several cryptocurrency exchange subsidiaries, including FTX Digital Markets and FTX Australia, are not affected by the announcement.

See the latest news on FTX.

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