Crypto Hotshots 2022 🔥♨️

Twitter Instagram Facebook Facebook Linkedin Youtube Spotify Medium Reddit Telegram
Voice of Crypto
  • VOC Explained
  • News
  • Analysis
  • Bitcoin
  • Altcoin
  • Press Release
    • Sponsored
    • Global Crypto Events
  • Services
    • Content Marketing Services
    • Crypto Influencer Marketing
    • Advertise With Us
  • Know Us
    • About Us
    • VOC Team
    • VOC Vigilantes
    • Brands Who Trust Us
    • Contact Us
  • bitcoinBitcoin(BTC)$27,601.00
  • ethereumEthereum(ETH)$1,761.88
  • tetherTether(USDT)$1.01
  • binancecoinBNB(BNB)$325.76
  • usd-coinUSD Coin(USDC)$1.01
  • rippleXRP(XRP)$0.446107
  • cardanoCardano(ADA)$0.371581
  • dogecoinDogecoin(DOGE)$0.076834
  • staked-etherLido Staked Ether(STETH)$1,758.95
  • matic-networkPolygon(MATIC)$1.12
  • Events
  • Videos
  • Podcast
Voice of CryptoVoice of Crypto
Aa
  • VOC Explained
  • News
  • Analysis
  • Bitcoin
  • Altcoin
  • Press Release
  • Services
  • Know Us
Search
  • VOC Explained
  • News
  • Analysis
  • Bitcoin
  • Altcoin
  • Press Release
    • Sponsored
    • Global Crypto Events
  • Services
    • Content Marketing Services
    • Crypto Influencer Marketing
    • Advertise With Us
  • Know Us
    • About Us
    • VOC Team
    • VOC Vigilantes
    • Brands Who Trust Us
    • Contact Us
Follow US
Copyright © 2023 Voice of Crypto. All Rights Reserved
Voice of Crypto > News > SBF Resigns As CEO, FTX Files For Bankruptcy
News

SBF Resigns As CEO, FTX Files For Bankruptcy

Adekunle Joshua
Last updated: 2023/03/14 at 12:11 PM
Adekunle Joshua Published November 11, 2022 March 14, 2023
Share
FTX Exchange

Key Insights

  • According to reports on Friday, the CEO of FTX, Sam Bankman-Fried, resigned after the distressed exchange filed for bankruptcy.
  • FTX went from a $32 billion valuation to bankruptcy in a few days. 

According to reports on Friday, the CEO of FTX, Sam Bankman-Fried, resigned after the distressed exchange filed for bankruptcy.

Contents
Key InsightsThe FTX CEO Resignation

The official press release, states that the FTX Group (which includes FTX.com, Alameda Research, and about 130 other additionally connected entities) filed for chapter 11 bankruptcy.

John Ray III, Bankman-Fried’s successor, commented on SBF’s resignation, stating that Fried may have resigned but will still help in an “orderly transition.”

“The immediate relief of Chapter 11 is appropriate to provide the FTX Group the opportunity to assess its situation,” Ray said. “It will also help to develop a process to maximize recoveries for stakeholders.”

Ray also mentioned that the FTX Group has essential assets that can only be managed profitably through a collaborative process. He reassured the FTX stakeholders, employees, customers, creditors, contract parties, stockholders, investors, governmental bodies, and others that all the necessary steps would be taken with due diligence, thoroughness, and openness.

The FTX CEO Resignation

“Stakeholders should be aware that things have moved quickly, and the new team has only recently been brought on.” Ray continued. “For more information, they should review the materials filed on the proceedings docket over the next few days.”

Recall that FTX went from a $32 billion valuation to bankruptcy in a few days as its liquidity dried up and its customers started to demand withdrawals. The last straw that broke the camel’s back came after Binance canceled its non-binding agreement to buy the exchange.

When it was all over, Bankman-Fried himself admitted in a tweet that he was sorry and that he was “F—-d Up.”

1) I'm sorry. That's the biggest thing.

I fucked up, and should have done better.

— SBF (@SBF_FTX) November 10, 2022

Contrary to Binance’s reasons for canceling the buy-out deal, Anthony Sacramucci, short-time Trump Communications Director and founder of Skybridge Capital, mentioned that the issue with FTX seemed to go beyond the scope of a straightforward liquidity rescue.

He further mentioned that when he and other investors initially assessed FTX as a potential business partner, they found no proof of this mistreatment Binance spoke of.

Disclaimer: Voice of crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.

 

You Might Also Like

Assesing the Odds of a Bitcoin (BTC) Price Run to $30K

XRP Market Cap Smashes $20B As Ripple vs. SEC Case Stirs News

Dogecoin Whales Make Massive Moves – Where Is DOGE Headed?

3 Things About Crypto you Need to Know Before the FOMC meeting

SVB Collapse Stalls NFT Market Growth

TAGGED: Crypto Exchange
Share this Article
Facebook Twitter Email Copy Link Print
Previous Article VOC, Voice of Crypto, Cardano Cardano (ADA) Price Remains at Crossroads as Whale Activity Drops
Next Article Crazy Rich Asians to Lead Crypto Adoption in Asia This Metric Hints Bitcoin Bulls Might Be In Trouble
Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Binance

Follow US

Find US on Socials
Facebook Like
Twitter Follow
Instagram Follow
Youtube Subscribe

Subscribe to our Newsletter

Get Newest Articles Instantly!

Ledger
Popular News
Web3 Shorthand
Web3 Shorthand: A Glossary for Crypto Newbies
web3 event London VOC
Networkverse: NFT & Web3 & Metaverse – Open Mic & Networking
Quick-Tips-To-Avoiding-A-Fake-Crypto-Wallet
Quick Tips To Avoiding A Fake Crypto Wallet

Follow Us on Socials

We use social media to react to breaking news, update supporters and share information

Twitter Instagram Facebook Facebook Linkedin Youtube Spotify Medium Reddit Telegram
Voice of Crypto

Voice Of Crypto hits a beat with almost 15 million users, churning out the best news and content in the Web3, crypto and blockchain space

Subscribe to our newsletter

You can be the first to find out the latest news and tips about trading, markets...

  • Advertise With Us
  • About Us
  • Privacy Policy

Copyright © 2023 Voice of Crypto. All Rights Reserved

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?