Crypto exchange FTX files for bankruptcy, CEO Bankman-Fried steps down
The company has filed for chapter 11 bankruptcy in the U.S. which allows for the restructuring the company and prioritises creditors.
- Nov 11, 2022,
- Updated Nov 11, 2022 8:55 PM IST
Cryptocurrency exchange FTX filed for bankruptcy on Friday, the company said in a statement adding that chief executive Sam Bankman-Fried has resigned.
This comes days after FTX's deal with its rival Binance collapsed leaving the crypto exchange scrambling for $9.4 billion.
The company has filed for chapter 11 bankruptcy in the U.S. which allows for the restructuring the company and prioritises creditors.
Bankman-Fried's Alamedia Research LLC and 130 other affiliated companies of FTX have filed for bankruptcy.
As per the court filing, Alameda Research has listed assets and liabilities in the range of $10 billion to $50 billion.
Also read: Mercedes F1 team evaluating crypto exchange FTX sponsorship, branding stays for now
For Unparalleled coverage of India's Businesses and Economy – Subscribe to Business Today Magazine
Cryptocurrency exchange FTX filed for bankruptcy on Friday, the company said in a statement adding that chief executive Sam Bankman-Fried has resigned.
This comes days after FTX's deal with its rival Binance collapsed leaving the crypto exchange scrambling for $9.4 billion.
The company has filed for chapter 11 bankruptcy in the U.S. which allows for the restructuring the company and prioritises creditors.
Bankman-Fried's Alamedia Research LLC and 130 other affiliated companies of FTX have filed for bankruptcy.
As per the court filing, Alameda Research has listed assets and liabilities in the range of $10 billion to $50 billion.
Also read: Mercedes F1 team evaluating crypto exchange FTX sponsorship, branding stays for now
For Unparalleled coverage of India's Businesses and Economy – Subscribe to Business Today Magazine