FTX CEO Bankman-Fried steps back, insolvency proceedings begin

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FTX employees have lost considerable parts of their net capacity kept in the stock exchange

In a message that was published on the official Twitter account of FTX this morning, FTX announced that Sam Bankman-Fried will step down from his position as Chief Executive Officer of the FTX Group.

Around 130 companies associated with the FTX group from Bankman-Fried have also initiated a voluntary bankruptcy proceedings according to the notification.

The new CEO John J. Ray III said that FTX "has valuable assets that can only be managed effectively in an organized, common process", and found that the procedure according to Chapter 11 Ledgerx LLC, FTX Digital Markets LTD, FTX Australia PTY LTD does not include. and FTX Express Pay Ltd.

It is rumored that FTX has a massive hole in its balance sheet, with some estimates increasing to up to $ 9 billion.

This is a developing story and is updated.

The post-ftx CEO Bankman-Fried steps back, insolvency proceedings begin, is not a financial advice.