JAKARTA - Sam Bankman-Fried has officially announced his resignation from his position as FTX Group's Chief Executive Officer (CEO), and is now being replaced by John J. Ray III.
On Friday, November 11 yesterday, the group's FTX filed a bankruptcy process in the United States (US) to end a fluctuating week for one of the world's largest crypto exchanges.
Based on a recent press release on Twitter, the crypto exchange platform FTX and 130 other affiliated companies also filed a bankruptcy condition with authorities in the United States.
"FTX Trading Ltd., today announces that West Realm Shires Services Inc., Alameda Research Ltd. and about 130 other affiliated companies have started a voluntary process based on Chapter 11 of the United States Bankruptcy Code in Delaware District to begin a regular process of reviewing and monetizing assets for the benefit of all global stakeholders," the statement read.
https://twitter.com/FTX_Official/status/1591071832823959552?t=SjFRpKall564WK0vQ__4tw&s=19
"Immediate release Chapter 11 is right to give the FTX Group the opportunity to assess the situation and develop a process to maximize recovery for stakeholders," said Mr. Ray, the new CEO of FTX.
According to him, FTX groups have valuable assets that can only be managed effectively in an organized joint process.
"I want to ensure that every employee, customer, creditor, contract party, shareholder, investor, government authority, and other stakeholders that we will do this with perseverance, accuracy, and transparency," he added.
Therefore, Ray suggested that stakeholders remain patient, noting that his new team is currently moving quickly to overcome this.
Even though they have downloaded themselves, Sam Bankman-Fried will still help the ongoing transition in an orderly manner.
On the other hand, amid the liquidity crisis and the rumors of bankruptcy, Binance, as the world's largest crypto company announced the acquisition of the FTX exchange.
In a previous VOI report, Binance founder and CEO Changpeng Zhao said it had signed a non-binding Letter of Intent (LoI) for the acquisition of FTX.
The purchase was intended to help cover up the liquidity crisis FTX experienced.
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