FTX empire goes bankrupt, Bankman-Fried resigns

Entities tied to FTX.com, FTX US and trading firm Alameda Research Ltd. were part of the bankruptcy filings.

AbJimroe AbJimroe
Nov 12, 2022 - 21:07
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FTX empire goes bankrupt, Bankman-Fried resigns

Sam Bankman-Fried’s crypto empire filed for Chapter 11 bankruptcy in Delaware, capping a rapid downfall for his companies. 

Entities tied to FTX.com, FTX US and trading firm Alameda Research Ltd. were part of the filings, according to a Twitter statement Friday. Chapter 11 bankruptcy lets a company continue operating while it works out a plan to repay creditors. 

Bankman-Fried resigned as CEO as part of the filings, and John J. Ray III was appointed to replace him, the statement said. 

Read more: Why FTX's crypto implosion poses major marketing concerns