CEO steps in as FTX begins bankruptcy proceedings



FTX.com has launched Chapter 11 bankruptcy proceedings after a failed attempt to raise $8 billion in liquidity.

According to the notice, FTX US, Alameda Research and 130 other connected entities will be involved in bankruptcy proceedings.

FTX CEO Sam Bankman-Fried has stepped down, John J Ray III has been appointed chief executive of FTX Group.

“The immediate relief of Chapter 11 is appropriate to provide the FTX Group with an opportunity to assess its position and develop a process for stakeholders to maximize recovery,” Ray Told in the bankruptcy notice.

This is a developing story.

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