Crypto

FTX to File For Bankruptcy Protection in US

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The post FTX to File For Bankruptcy Protection in US appeared first on Coinpedia Fintech News

The troubled cryptocurrency exchange FTX said on Friday that it would file for bankruptcy in the US as its Chief Executive Sam Bankman-Fried quit, potentially setting off one of the largest market meltdowns ever.

The swift demise of the businesses was capped by Sam Bankman-crypto Fried’s empire filing for Chapter 11 bankruptcy in Delaware.

According to a tweet on Friday, the filings included entities connected to FTX.com, FTX US, and trading business Alameda Research Ltd. A corporation can keep running while developing a plan to pay off creditors under Chapter 11.

As a result of the filings, Bankman-Fried resigned as CEO, and John J. Ray III was chosen to take his position, according to the statement.

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