Crypto giant FTX to file for bankruptcy, CEO Sam Bankman-Fried steps down
By- Avnish kushwaha
Image Credit -Google
The crypto giant FTX and its affiliated companies have started the process of filing for Chapter 11 bankruptcy, with founder Sam Bankman-Fried stepping down as CEO.
By- Avnish kushwaha
Image Credit -Google
The filing represents a staggering turn for the cryptocurrency exchange, once reportedly valued at $32 billion
By- Avnish kushwaha
Image Credit -Google
The resignation of Bankman-Fried, 30, is stunning. He was a crypto wunderkind who graced the cover of Forbes and Fortune
By- Avnish kushwaha
Image Credit -Google
Bankman-Fried sent out a series of tweets on Friday stating his hope that FTX would be able to continue as a going concern following its bankruptcy.
By- Avnish kushwaha
Image Credit -Google
“I’m piecing together all of the details, but I was shocked to see things unravel the way they did earlier this week,” he said.
By- Avnish kushwaha
Image Credit -Google
Chapter 11 bankruptcy allows a company to come up with a plan to reorganize itself and keep its business alive while it works to pay back its creditors.
By- Avnish kushwaha
Image Credit -Google
The fallout from the crisis has also cascaded into Bankman-Fried's philanthropic group, Future Fund.
By- Avnish kushwaha
Image Credit -Google
Bitcoin, which had already been in a recent slump, declined further on Friday to as low as $16,500. It traded at around $22,000 in September.
By- Avnish kushwaha
Image Credit -Google
Founded in 2019, FTX had within two years grown to 1 million worldwide users, with an average of $10 billion in daily trading volume