Wednesday, 07 Dec 2022

Cryptocurrency exchange FTX files for bankruptcy protection in US

Cryptocurrency exchange FTX files for bankruptcy protection in US


Cryptocurrency exchange FTX files for bankruptcy protection in US

CNBC reported that the bankruptcy filing showed FTX has more than 100,000 creditors, assets in the range of $10bn to $50bn as well as liabilities of between $10bn and $50bn. The volume of trades at FTX so far this year was $627bn, according to the crypto website CoinGecko, placing it in the top five exchanges with industry leader Binance on $4.9tn.

The FTX statement added that Bankman-Fried, 30, had resigned as chief executive, and would be replaced by John J Ray III, an American lawyer who previously rose to prominence when he was appointed in 2004 to oversee the liquidation of Enron, the Texas energy company that collapsed in 2001 after massive financial fraud was exposed.

As the company faltered under the weight of withdrawal requests, others in the industry turned on FTX. Kim Dotcom, the founder of Megaupload, shared a text message from the attorney Ira Rothken, alleging that FTX was being investigated for failing to prevent US-based customers from trading on its offshore exchange.

Now, however, the heavily regulated American exchange has joined its corporate siblings in bankruptcy proceedings.

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