FTX declares bankruptcy, founder resigns and fuels crypto crisis

a program Cryptocurrency FTX announced last Friday bankruptcywhich requires Resignation to its founder, Fried Sam Bankman, Resigned. “FTX Trading” compiles the statement released on Twitter “and about 130 affiliates of FTX group IThe voluntary “Chapter 11” procedure of the US bankruptcy code, in order to “assess” their assets, has begun.

Chapter 11 of the law allows companies to reorganize during difficult periods without immediate pressure from creditors but under court supervision, while continuing to operate.

The subsidiaries involved include the exchange platforms FTX.us in the US and FTX.com in the rest of the world, as well as the investment fund Alameda Research, released by Bankman-Fried before FTX. Bankman-Fried, 30, offered a “sincere” apology in a tweet, adding that FTX would “do anything to raise money.”

Cryptocurrency crisis worsened

The FTX title has been replaced by John J. Ray III, and Specify the company’s statement that “will help move according to the rules.” “The Chapter 11 regime is appropriate to give FTX Group the opportunity to assess the situation and implement maximum investor recovery measures,” Ray said. “Partners must understand that the events were very sudden and the new team is just getting started,” he warned.

The amazing fall of FTX shook the world CryptocurrencyA week ago, the group considered the second largest cryptocurrency platform in the world, and its founder as a distinguished interlocutor for regulators. The group was rated at approx $32 billion.

vertical descent

The difficulties faced by FTX increased by number one in the sector, Binancewhich announced on Sunday the sale of a cryptocurrency tied to its rival, and then offered to buy FTX.com, on Tuesday, before pulling back on Wednesday.

“The decline of FTX is not good for anyone in the industry. You don’t see it as a victory for us. User confidence has been seriously shaken,” Binance Platform Manager Chaping Zhao defended in a tweet.

According to the American media, the fortune of the founder of FTX, amounting to about 16 thousand million dollars, evaporated within a few days.

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