FTX Group, a collection of some 130 companies behind the cryptocurrency platform FTX, has filed for bankruptcy, and its boss, Sam Bankman-Fried, has quit.
The group has initiated voluntary bankruptcy proceedings under Chapter 11 in the District of Delaware, according to a press release on Nov. 11.
Bankman-Fried, who has been replaced in his role as CEO by John J. Ray III, will remain to assist with an orderly transition, as will “many employees” of FTX Group in various countries.
“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,” Ray said in a statement….