According to a tweet from the company, Sam Bankman-cryptocurrency Fried’s exchange FTX has filed for Chapter 11 bankruptcy in the United States.
For one of the largest names in the industry, it brings to an end a turbulent week.
As liquidity dried up, users requested withdrawals, and rival exchange Binance tore up its non-binding agreement to buy the company, FTX plummeted from a $32 billion valuation to bankruptcy in a matter of days.
Sam Bankman-Fried, the creator of FTX, said on Thursday that he “fucked up.”
The new FTX Group CEO, Ray, declared that “the immediate relief of Chapter 11 is appropriate to give the FTX Group the time to examine its circumstances and design a plan to maximize recoveries for stakeholders.””The FTX Group has valuable assets that can only be managed efficiently through a planned, collaborative process. We will handle this work with diligence, thoroughness, and transparency, I want to assure every employee, customer, creditor, contract party, stockholder, investor, governmental authority, and any stakeholder, Ray continued.
This is a developing story, come back in a few minutes.
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