FTX owes nearly $3.1 billion to 50 creditors
There has been quite a lot of things happening in the crypto money community lately. In this context, ftx, which collapsed, owed a lot to people.
Rwcently FTX announced that has it has crashed. In this context, we can say that the cryptocurrency exchange has entered into a serious debt. After a liquidity crisis at the cryptocurrency group that has prompted intervention from regulators all over the world, cryptocurrency exchange FTX is going to start bankruptcy proceedings in the United States and chief executive Sam Bankman-Fried is going to step down.
FTX owes nearly $3.1 billion to 50 creditors
While under increased regulatory scrutiny, the troubled cryptocurrency trading platform has struggled to raise billions of dollars to prevent its collapse. On Friday, the company released a statement that was distributed via tweet and stated that approximately 130 other businesses, in addition to FTX and Alameda Research, the crypto trading fund that it is affiliated with, had begun voluntary Chapter 11 bankruptcy proceedings in Delaware.The group's CEO has been named John J. Ray III.Despite her resignation, Bankman-Fried will assist with a smooth transition.
The week-long drama, which started with a run on FTX and an abandoned takeover deal by rival Binance, has hurt bitcoin and other tokens, which are already struggling. According to sources cited by Reuters, the exchange was trying to save itself after customer withdrawals and was scrambling to raise approximately $9.4 billion from investors and rivals. Bankman-Fried, a 30-year-old crypto executive whose Forbes wealth estimate was just $17 billion two months ago, has experienced a rapid reversal due to the predicament.
