FTX filed bankruptcy under for Chapter 11 Bankruptcy rules.
Crypto lender BlockFi is said to have connection with the Bahamian crypto exchange
Recently FTX filed for bankruptcy under Chapter 11 of the Bankruptcy code. According to an official press release, approximately 130 additional companies associated with FTX are on the brink of filing for bankruptcy in upcoming times.
Eric Snyder, a bankruptcy attorney with law firm Wilk Auslander, quoted that bankruptcy serves two immediate functions: it halts any further withdrawals from the exchange and it creates a central place to examine all claims.
Snyder noted, “One of the unknowns is where they’re going to get the funds to operate bankruptcy,” he added, ” We don’t have an answer to that right now.”
FTX partially collapsed on 9 November 2022, and a day after that, Bloomberg delisted Sam Bankman-Fried from the global billionaire list.
Sam Bankman-Fried also reportedly said to resigned from his p
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