The platform, one of the most important in the industry, was valued at $32 billion. However, it is now estimated to have an $8 billion financial gap.
The cryptocurrency platform FTX announced this Friday that it has filed for bankruptcy in the United States and that its founder and head, Sam Bankman FriedHe has resigned.
The decision confirms the total collapse of this platform, one of the most important in the industry, which was valued at $32 billion and that it has collapsed in recent days due to lack of liquidity and users rushing to withdraw their funds.
In a statement, FTX assured that the bankruptcy filing is the appropriate measure to manage the company’s assets and protect the interests of its shareholders.
The process will affect some 130 affiliated companiesincluding your investment firm Alameda Research. The financial gap is estimated at about $8 billion. In addition, FTX is known to use billions of dollars deposited by its clients to fund risky investments.
The company has announced that the position of CEO will be taken over by: John J. Ray III and has said Bankman-Fried and many of the company’s employees will continue to work to assist the new CEO and independent professionals through the bankruptcy process.
The move was announced hours after authorities in the Bahamas, where FTX is headquartered, frozen the group’s assets and took the first steps to appoint a person responsible for the liquidation of one of its entities. .
FTX landed on Bahamas in 2021 from Hong-Kongwhere it started its operations and established itself as one of the most successful platforms in the cryptocurrency sector.
In recent days, various reports have raised doubts about the company’s solvency, causing many users to rush to withdraw their funds, leaving FTX cashless and seeking ransom.
FTX’s situation got even more complicated on Wednesday, when Binance – the world’s leading currency exchange platform – announced that it is withdrawing the purchase offer it had announced a day earlier, when it had offered to back its rival.
The move sparked another crash of FTT, the digital asset of FTX, and sharp declines across the cryptocurrency market just a year after bitcoin — the major cryptocurrency — hit its all-time high.
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Source: EITB
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
