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FTX to File For Bankruptcy Protection in US

Author: Qadir AK

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Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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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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