![]() “Stakeholders should understand that events have been fast-moving and the new team is engaged only recently.” “The immediate relief of Chapter 11 is appropriate to provide the FTX Group the opportunity to access its situation and develop a process to maximize recoveries for stakeholders,” Ray said. He was replaced by John Ray III, although Bankman-Fried, known in the crypto world as SBF, will remain to assist with the transition, the company said in a news release. Its CEO, 30-year-old Sam Bankman-Fried, a top donor to Democrats in the 2022 midterm elections, has also resigned.ĭEMOCRATS RENEW PUSH FOR CRYPTOCURRENCY REGULATIONS AFTER FTX COLLAPSE Cryptocurrency giant FTX has declared bankruptcy and its once-vaunted CEO has resigned following a turbulent week in which clients lost confidence in its ability to pay out claims.įTX announced it was entering voluntary Chapter 11 proceedings on Friday morning after a week that saw the company, one of the largest in the digital asset sphere, essentially collapse, roiling the markets.
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