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

 

The once-third-largest crypto exchange FTX has fallen from prestige in the past week and has now announced it filed for Chapter 11 bankruptcy in the U.S. FTX CEO and founder Sam Bankman-Fried has resigned from his role, and Enron turnaround veteran John J. Ray III has been appointed as the new CEO. “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 a statement. This news comes after a week-long collapse of the FTX empire as the company attempted to keep itself afloat, seeking out acquisitions and fresh capital from market players. This story is developing and will be updated as new information arises. FTX files for bankruptcy, CEO Sam Bankman-Fried steps down by Jacquelyn Melinek originally published on TechCrunch

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