The FTX group has entered Voluntary Chapter 11 Bankruptcy in the United States District of Delaware. Sam Bankman-Fried has stepped down as CEO. The new CEO is John J Ray III, who had the same role at Enron.
The entities involved in the bankruptcy include FTX.com, FTX.US (Wests Realm Shires), Alameda Research and 130 other entities. It does not include the US derivatives business (LedgerX), FTX Digital Markets (Bahamas subsidiary with assets frozen), FTX Express Pay and the Australian subsidiary.
The news comes as Bankman-Fried has been scrambling to find rescuers as an alternative to Binance, which pulled out of a deal earlier this week.
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