JUST IN: Crypto giant FTX and its affiliated companies have started the process to file for Chapter 11 bankruptcy, with founder and CEO Sam Bankman-Fried stepping down as CEO.
Over the past week, the exchange faced the equivalent of a bank run as observers and customers called into question whether the exchange was both liquid — meaning it could come up with currency on demand to pay customers looking to withdraw funds — and solvent, meaning its loans and investments were worth more than its debts.
allows a company to come up with a plan to reorganize itself and keep its business alive while it works to pay back its creditors.
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Bankman-Fried says he 'f*cked up,' will shut down Alameda tradingFTX CEO Sam Bankman-Fried apologized after days of turmoil at his crypto exchange.
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Bankman-Fried apologizes, says FTX has more assets than client depositsFTX CEO Sam Bankman-Fried apologized after days of turmoil at his crypto exchange.
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Who is Sam Bankman-Fried, the FTX CEO who lost billions in crypto?The California native known as SBF never cared for school, has given millions to President Joe Biden and likes his Oreo cookies.
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FTX US Resigns From the Crypto Council for InnovationFTX US has resigned from the crypto_council, an industry trade association based in Washington, D.C. cheyenneligon reports
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How Crypto Giant FTX Suddenly Imploded - The Journal. - WSJ PodcastsOnce a leader in the world of cryptocurrency, Sam Bankman-Fried’s crypto exchange FTX is scrambling for funds. It’s now facing a shortfall of $8 billion after Binance walked away from a rescue attempt. WSJ’s Caitlin Ostroff on what this means for the crypto ecosystem. Further Reading: -Tensions Between Crypto Giants FTX, Binance Spill Into Public View -Binance’s Deal for Rival FTX Marks Power Shift Amid Crypto Turmoil -The 30-Year-Old Spending $1 Billion to Save Crypto Further Listening: -The Rise of Binance - And The Effort to Reel it In -The ‘Death Spiral’ of a Stablecoin
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