FTX, FTX US, and Alameda have all filed for Chapter 11 bankruptcy, and SBF is stepping down.
"Hopefully things can find a way to recover. Hopefully this can bring some amount of transparency, trust, and governance to them. Ultimately hopefully it can be better for customers."
According to the filing, LedgerX, FTX Digital Markets — the group’s subsidiary in the Bahamas — FTX Australia and FTX Express Pay will not be parties to the bankruptcy proceedings. The announcement did not include details on a potential recovery plan for FTX investors. Many users have been from the exchange amid reported liquidity issues, but FTX’s website said that it was unable to process withdrawals at the time of publication.
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