FTX Trading filed for Chapter 11 bankruptcy on Friday while founder and CEO Sam Bankman-Fried resigned from his position and appointed John J. Ray III as its new chief executive.
After a very tumultuous week, cryptocurrency exchange FTX filed for Chapter 11 bankruptcy proceedings. The firm’s founder and CEO, Sam Bankman-Fried (SBF), stepped down from his role as CEO and appointed John J. Ray III as its new chief executive. SBF will remain with FTX while it undergoes the bankruptcy process. Ray said in a statement:
The immediate relief of Chapter 11 is appropriate to provide the FTX Group the opportunity to assess its situation and develop a process to maximize recoveries for stakeholders.
He continued:
The FTX Group has valuable assets that can only be effectively administered in an organized, joint process. I want to ensure every employee, customer, creditor, contract party, stockholder, investor, governmental authority and other stakeholder that we are going to conduct this effort
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