SHOCK: FTX goes bankrupt and SBF resigns

With the value of the FTX token and then the company collapsing, wallets being hacked, it’s hard to see the light at the end of the tunnel. For good reason, CEO Sam Bankman-Fried decides to leave the company after filing for Chapter 11 bankruptcy.

The end of the FTX platform

The end is approaching faster than expected for the cryptocurrency exchange FTX. In fact, it is in a tweet that the exchange shared an official letter to announce a Chapter 11 balance sheet. In effect, a company avails itself of Chapter 11 protection when it can no longerassume its debt or to pay its creditors.

This process will now result in a review and monetization of its assets for the benefit of the various stakeholders. However, FTX remains in control of the operations, under the supervision of the court, pending a decision. Therefore, it is John Raya lawyer by training, who took over as CEO of SBF. But this lawyer did not come out of nowhere. He has already overseen the liquidation of the company. of Enronan energy broker convicted of manipulation and fraud in 2001.

Ray stated that, ” The FTX group has valuable assets that can only be effectively managed through an organized and joint process “In addition, he also states that his team will work with diligence procedures for all parties affected by the decline of FTX.

But FTX is not the only company affected by this bankruptcy filing. It seems that 130 entities such as the trading company Alameda Research and the US subsidiary FTX.US are affected by this action. However, there are other entities that have not yet been affected, although they will likely be affected, such as :

• Ledger X LLC
• FTX Digital Markets Ltd.
• FTX Australia Pty Ltd.
• FTX Express Pay Ltd.

Who would have thought that FTX would go under in a matter of days following a tweet from CZ? There is no doubt that in the coming weeks and months we will be able to discover the dark consequences of this drama. Circumstances similar to Mt Gox a few years earlier, which remain chilling.