Gate News message, April 17 — FTX officially filed for Chapter 11 bankruptcy on November 11, 2022, according to a company statement. CEO Sam Bankman-Fried resigned from his position but remained with the company to assist in an orderly transition. John J. Ray III was appointed as the new CEO of the group. The bankruptcy proceedings included FTX Trading Ltd., Alameda Research, FTX US, and approximately 130 affiliated companies.
The filing followed a major CEX’s withdrawal from a proposed acquisition on November 8. The unnamed exchange cited regulatory pressures, concerns over mishandled customer funds, and alleged U.S. agency investigations as reasons for abandoning the non-binding agreement. Prior to the bankruptcy announcement, Bankman-Fried issued an apology via social media, acknowledging poor decisions and inadequate communication as contributing factors to the company’s collapse.
The bankruptcy triggered a severe market downturn. Bitcoin declined to $15,600 before recovering to $16,200, representing an 11% drop in 24 hours. FTX’s native token, FTT, plummeted approximately 80% to $2.70 from $22-$25 earlier that week. The broader cryptocurrency market saw $116 billion in value erased over 24 hours, with total market capitalization falling from $935 billion to $819 billion.
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