FTX bankrupt

Bankruptcy filings attributed to FTX US and Alameda Research estimate each company has $10 billion to $50 billion in liabilities.

CoinDesk is an independent operating subsidiary of [Digital Currency Group](https://dcg.co/), which invests in [cryptocurrencies](https://dcg.co/#digital-assets-portfolio) and blockchain [startups](https://dcg.co/portfolio/). [strict set of editorial policies](/ethics/). FTX reopened withdrawals in the Bahamas at regulators’ urging and began announcing certain other jurisdictions had begun some partial withdrawals over the last several hours. [FTX.com](http://ftx.com/) entity as well as FTX US, Alameda Research and “approximately 130 additional affiliated companies,” have filed for Chapter 11 bankruptcy proceedings, according to a press release. “The FTX Group has valuable assets that can only be effectively administered in an organized, joint process,” Ray said in a statement. The status of this deal was unclear at press time. "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. "In the short term we have some long days and hard work ahead of us," Ray told employees in a message verified by CoinDesk. UPDATE (Nov. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of [stock appreciation rights](https://www.investopedia.com/terms/s/sar.asp), which vest over a multi-year period. Ray appears to be the same individual who previously oversaw the Enron Corporation bankruptcy. John Ray III is the new CEO.

Crypto exchange FTX filed for U.S. bankruptcy on Friday and Sam Bankman-Fried stepped down as CEO, after a liquidity crisis that has prompted intervention ...

"You have a lack of trust in the crypto area, so you don't know if someone else will be bankrupt and you might not get your crypto out (from other players). "It seems that Alameda is short on obligations to the tune of many billions dollars. So those parties, as they experienced losses, that could cause them to wipe out other entities and those entities could wipe out other entities. Ultimately, the lesson here is that the crypto industry needs to stop trusting cults of personality, no matter how well-intentioned they might seem." "CZ and Binance flexed their muscles last month by delisting Coinbase and Circle's USDC from their exchange, squelching liquidity from the world's second most popular stablecoin in favor of their own stablecoin. So to what extent when you have a major entity like this that goes down, all the assets tied to that FTX exchange go down. "FTX finds itself in this situation to begin with certainly is of no surprise. And I think that the real risk moving forward is confidence is lost in an asset class that's not backed by anything and that'll be something that has to play out." entities and authorities start getting involved, the difference between the two begins to blur." What was feared is now done and I wouldn't be surprised if in the coming days you see crypto start to find the bottom." We need more details to know what the exact impropriety was and how much can be recovered. entity is involved - it essentially means contagion risk now jumps into areas that were supposed to be ringfenced, at which point it becomes much closer to an existential problem because of the regulatory implications."

But as traders rushed to withdraw funds from FTX, Mr Bankman-Fried was in denial and told investors he was convinced the business would be rescued, according to ...

He amassed a fortune, estimated as high as U$26.5 billion by Forbes a year ago, by taking advantage of the price differences in bitcoin in Asia and the United States. “I thought we would fail,” Mr Bankman-Fried said at a June conference weeks before FTX and Alameda extended lifelines to two struggling crypto platforms. But as traders rushed to withdraw funds from FTX, Mr Bankman-Fried was in denial and told investors he was convinced the business would be rescued, according to a source familiar with the situation. FTX’s meltdown sent bitcoin plunging to a two-year low this week amid concern that the company’s woes will spread to other crypto firms. The company’s collapse caught markets by surprise because Bankman-Fried was seen as a business-savvy founder adept at striking deals, he said. Bankman-Fried also quickly became one of the largest Democratic donors in the United States, contributing US$5.2 million (S$7.14 million) to President Joe Biden’s 2020 campaign.

FTX founder Sam Bankman-Fried at the Crypto Bahamas conference in Nassau on April 27, 2022. The downfall of his crypto empire means assets owned by the ...

The world’s largest cryptocurrency fell to a two-year low of US$15,632 on Wednesday before regaining some ground in a cross-asset rally after US inflation data. The downfall of his crypto empire means assets owned by the mogul once likened to Mr John Pierpont Morgan have become worthless. In his tweets, Mr Bankman-Fried said the bankruptcy filing “doesn’t necessarily have to mean the end for the companies” and that he was “optimistic” the group’s new CEO would “help provide whatever is best”. His empire crumbled this week after a liquidity crunch at one of FTX’s affiliates. As FTX’s troubles mounted, regulators around the world stepped in. Mr John J.