The founder and CEO of the wealth trading company resigns from his position
The trading platform for cryptocurrencies and other cryptographic assets FTX has decided to take advantage of the protection of Chapter 11 of the US Bankruptcy Act to conduct the process of asset evaluation and liquidation for the benefit of its stakeholders in an orderly manner. as reported by the company, whose founder and CEO, Samuel Bankman-Fried, has resigned.
In a statement, the platform has indicated that the FTX Group process includes FTX US, trading company Alameda Research and a total of 130 affiliated entities. Likewise, the company has announced the resignation of Samuel Bankman-Fried as director of the company’s legacy, headed by John J. Ray III.
“The FTX Group has valuable assets that can only be managed effectively in an organized and collaborative process. I want to assure all employees, customers, creditors, contractors, shareholders, investors, government agencies and other stakeholders that we will conduct this effort with dedication, thoroughness and transparency,” said Ray.
FTX’s solvency was called into question after its rival Binance decided to backtrack on its intention to come to the rescue of the platform, after conducting a due diligence investigation and before the opening of investigations by government agencies in the United States.
Earlier, in a conference with investors, then-CEO of FTX, Sam Bankman-Fried, had estimated the gap in the platform at about $8,000 million (a similar amount in euros), including the need for about $4,000 million so that the company can maintain its solvency.
The Sequoia Capital company reported yesterday that it had reduced the value of its position on the “crypto” exchange platform to zero, stressing that its exposure to FTX is “limited”. “We are taking risks. Some investments will surprise positively and others negatively (…) When we invested in FTX, we conducted a thorough due diligence,” the company said.
Source: La Verdad
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