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FTX, FTX US and Alameda will file for Chapter 11 bankruptcy in US; SBF resigns


FTX, FTX US and Alameda will file for Chapter 11 bankruptcy in US; SBF resigns

Within a week, crypto exchange FTX has gone from proposing an acquisition by Binance to sort out its liquidity issues to proceeding with filing for bankruptcy under Chapter 11 in the District of Delaware.

In a Nov. 11 tweet, FTX said roughly 130 companies in FTX Group — including FTX Trading, FTX US, under West Realm Shires Services, and Alameda Research — had started proceedings to file for bankruptcy in the United States. FTX CEO Sam Bankman-Fried has also resigned from his position and will be succeeded by John Ray.

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