FTX Files for Bankruptcy: Sam Bankman-Fried Retires

FTX Files for Bankruptcy: Sam Bankman-Fried Retires

Cryptocurrency exchange FTX posted on its Twitter a screenshot of the announcement that it is filing for bankruptcy - the company will begin the process of verifying and monetizing assets in favor of all interested parties.

Together with the company, Alameda Research and 130 other affiliates are going to file for bankruptcy. The exceptions are Ledger X, FTX Digital Markets, FTX Australia Pty and FTX Express Pay.

According to the announcement, crypto exchange CEO and founder Sam Bankman-Fried is stepping down to be replaced by John J. Ray III. He will be CEO of FTX for the duration of the case, working with regulators.

Now the crypto exchange is experiencing great difficulties - it is being torn apart
previously signed agreements. It got to the point that the Bahamas, where the headquarters of FTX is located, froze the company's assets and appointed a temporary liquidator to protect investors.

Despite what is happening, the crypto exchange managed to reach an agreement with the head of TRON - Justin Sun agreed to provide
exchange a $13 million revolving line of credit to enable FTX to help users withdraw deposits from the trading floor.

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