An official press release by FTX Group of Companies is live on Twitter: Here’s what it states

FTX is one of the most popular cryptocurrency exchanges. They specialize in derivatives as well as leveraged products. FTX’s official account released a press release this evening. It is big news in the world of crypto and business. And, here’s what has been stated in it.

FTX Group of Companies including West Realm Shires Services Inc., Alameda Research Ltd. as well as 130 additional companies, has commenced voluntary chapter 11 proceedings of the United States Bankruptcy Code.  This happened in the district of Delaware, U.S. It has been done in order to monetize the assets of all global stakeholders. The CEO Sam Bankman-Fried resigned from his role. However, he will continue to be associated with FTX and work in other roles. John J Ray III has now been appointed as the new CEO of the FTX Group of Companies. Employees of the FTX Official will continue to work with the company. They will assist in the operations of this company.

This will help provide relief and maximize recovery for FTX’s stakeholders. The new CEO Mr. Ray added that the FTX has valuable assets to be effectively administered in an organized process. He mentioned that he wanted to ensure that every effort should be conducted with thorough transparency and diligence. Mr. Ray added a note for stakeholders. He mentioned that they must understand that the process is fast-moving and that the new team has been engaged only recently.

Various subsidiaries include Ledger X LLC, FTX Digital Markets Ltd., FTX Australia Pty Ltd. as well as FTX Express Pay Ltd.

What will happen next is a matter of interest and concern. Will the FTX Official be able to come out of this situation? For more such news, keep reading and supporting our work.