FTX Submits Chapter 11 Bankruptcy Filing, Sam Bankman-Fried Resigns

Cryptocurrency exchange FTX for chapter 11 bankruptcy under the United States Bankruptcy code after a botched bailout deal with BINANCE and a massive “liquidity crunch”.

FTX.US, the American subsidiary of Sam Bankman-Fried’s crypto exchange giant, and his trading firm Alameda Research are included in the filing, per Friday’s official announcement. 130 other affiliated companies are included in the proceedings as well.

Bankman-Fried has also stepped down as CEO but will remain to “assist in an orderly transition”, Friday’s statement read. SBF’s $32 billion fortune evaporated following revelations about insolvency and asset mismanagement at his companies including crypto exchange FTX and Alameda.