FTX to file for US bankruptcy protection – The National
- Date: 12-Nov-2022
- Source: The National
- Sector:Financial Services
- Country:UAE
FTX to file for US bankruptcy protection – The National
Cryptocurrency exchange FTX.com has commenced bankruptcy proceedings in the US following its collapse this week, and chief executive Sam Bankman-Fried has resigned from his position, the company said on Friday in a statement posted on its Twitter page.
"FTX Trading Ltd, West Realm Shires Services, Alameda Research and approximately 130 additional affiliated companies have commenced voluntary proceedings under Chapter 11 of the United States Bankruptcy Code in the District of Delaware," the statement said.
The company will begin "an orderly process to review and monetise assets for the benefit of all global stakeholders", it said.
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