FTX Group Files For Chapter 11, Sam Bankman-Fried Resigns

Sam Bankman-Fried has resigned from his role of CEO of FTX, just days after a public spat began with Binance CEO Changpeng Zhao.

It was formally announced this morning the FTX Group Companies has begun the process of filing for voluntary Chapter 11 proceedings within the United States, in the District of Delaware. The decision was reportedly made to “review and monetize assets for the benefit of all global stakeholders.”

Included under the banner of “FTX Group Companies” are several familiar names to crypto investors, including FTX Trading, whom operates as FTX.com, the related hedge fund Alameda Research, and a whopping 130 additional affiliated companies.

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As part of the proceedings, Sam Bankman-Fried, whom also goes by the moniker SBF, resigned from his role with the FTX Group, and is expected to remain “to assist in an orderly transition.” John J. Ray III has been appointed as CEO of the group in Bankman-Fried’s place.

READ: The Binance-FTX Feud II: CZ Claims “No Debt”, SBF Says “I F*cked Up Twice”

“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 with diligence, thoroughness and transparency.” said Ray in connection with the filing.

The filing is said to exclude FTX Australia Pty Ltd, FTX Express Pay Ltd, LedgerX LLC, and FTX Digital Markets Ltd.

The announcement this morning follows the development yesterday evening that saw the assets of FTX Digital Markets Ltd frozen by the Securities Commission of The Bahamas, with the commission also applying to the Supreme Court of The Bahamas for the appointment of a provisional liquidator.


Information for this briefing was found via the sources mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

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