{"id":509867,"date":"2022-11-11T17:54:46","date_gmt":"2022-11-11T14:54:46","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/ftx-files-for-bankruptcy-as-ceo-sam-bankman-fried-resigns\/"},"modified":"2022-11-11T17:54:46","modified_gmt":"2022-11-11T14:54:46","slug":"ftx-files-for-bankruptcy-as-ceo-sam-bankman-fried-resigns","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/ftx-files-for-bankruptcy-as-ceo-sam-bankman-fried-resigns\/","title":{"rendered":"#FTX files for bankruptcy as CEO Sam Bankman-Fried resigns"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3cf6b8012fa\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3cf6b8012fa\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/ftx-files-for-bankruptcy-as-ceo-sam-bankman-fried-resigns\/#%E2%80%9CFTX_files_for_bankruptcy_as_CEO_Sam_Bankman-Fried_resigns%E2%80%9D\" >&#8220;FTX files for bankruptcy as CEO Sam Bankman-Fried resigns&#8221;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9CFTX_files_for_bankruptcy_as_CEO_Sam_Bankman-Fried_resigns%E2%80%9D\"><\/span>&#8220;FTX files for bankruptcy as CEO Sam Bankman-Fried resigns&#8221;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/Sam-Bankman-Fried-1.jpg?quality=90&amp;strip=all\" \/><\/p>\n<div>\n<aside class=\"single__inline-module alignleft\">\n        <\/aside>\n<p>FTX filed for bankruptcy and announced the resignation\u00a0of CEO Sam Bankman-Fried\u00a0on Friday, marking a stunning downfall for the 30-year-old billionaire seen as one of the cryptocurrency sector\u2019s most prominent figures.<\/p>\n<p>FTX.com, FTX\u2019s US operations, and Bankman-Fried\u2019s cryptocurrency trading firm Alameda Research are among about 130 FTX Group companies covered by the bankruptcy filing, the company said in a statement.\u00a0<\/p>\n<p>\u201cI\u2019m really sorry, again, that we ended up here.\u201d Bankman-Fried tweeted Friday. \u201cHopefully 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.\u201d<\/p>\n<p>The crypto evangelist\u2019s empire has plunged to about $1 billion after being valued at $32 billion as recently as January.<\/p>\n<p>Bankman-Fried will be replaced as CEO by John Ray \u2014 a corporate restructuring expert who oversaw doomed energy giant Enron\u2019s fall into bankruptcy.<\/p>\n<p>\u201cThe im<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">media<\/a>te relief of Chapter 11 is <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ropriate to provide the FTX Group the opportunity to assess its situation and develop a process to maximize recoveries for stakeholders,\u201d Ray said in a statement.<\/p>\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\">\n<div class=\"wp-block-embed__wrapper\">\n<div class=\"embed-wrapper twitter\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">2) I&#8217;m really sorry, again, that we ended up here.<\/p>\n<p>Hopefully things can find a way to recover.  Hopefully this can bring some amount of transparency, trust, and governance to them.<\/p>\n<p>Ultimately hopefully it can be better for customers.<\/p>\n<p>\u2014 SBF (@SBF_FTX) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/SBF_FTX\/status\/1591089320290816000?ref_src=twsrc%5Etfw\">November 11, 2022<\/a><\/p><\/blockquote>\n<\/div>\n<\/div>\n<\/figure>\n<p>\u201cThe FTX Group has valuable assets that can only be effectively administered in an organized, joint process. I want to ensure every employee, customer, creditor, contract party, stockholder, investor, governmental authority and other stakeholder that we are going to conduct this effort with diligence, thoroughness and transparency,\u201d Ray added.<\/p>\n<p>Bankman-Fried will remain as an adviser to \u201cassist in an orderly transition,\u201d the company said. Ray added that \u201cmany employees\u201d will continue working under new leadership during the Chapter 11 bankruptcy proceedings.<\/p>\n<p>\u201cThis doesn\u2019t necessarily have to mean the end for the companies or their ability to provide value and funds to their customers chiefly, and can be consistent with other routes,\u201d Bankman-Fried added in his Friday tweetstorm. \u201cUltimately I\u2019m optimistic that Mr. Ray and others can help provide whatever is best.\u201d<\/p>\n<p>\u201cI\u2019m going to work on giving clarity on where things are in terms of user recovery ASAP.\u201d<\/p>\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\">\n<div class=\"wp-block-embed__wrapper\">\n<div class=\"embed-wrapper twitter\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">5) I&#8217;m piecing together all of the details, but I was shocked to see things unravel the way they did earlier this week.<\/p>\n<p>I will, soon, write up a more complete post on the play by play, but I want to make sure that I get it right when I do.<\/p>\n<p>\u2014 SBF (@SBF_FTX) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/SBF_FTX\/status\/1591089330323611648?ref_src=twsrc%5Etfw\">November 11, 2022<\/a><\/p><\/blockquote>\n<\/div>\n<\/div>\n<\/figure>\n<p>He closed the thread by saying: \u201cI\u2019m piecing together all of the details, but I was shocked to see things unravel the way they did earlier this week. I will, soon, write up a more complete post on the play by play, but I want to make sure that I get it right when I do.\u201d<\/p>\n<p>On Thursday, the fallen crypto king apologized to the public and investors in a profanity-laced Twitter thread, admitting that he had \u201cf\u2014ked up\u201d his management of the platform.<\/p>\n<p>Bankman-Fried said he had misjudged FTX\u2019s liquidity and users\u2019 margin prior to the crisis.<\/p>\n<p>\u201cI\u2019m sorry. That\u2019s the biggest thing. I f\u2013ked up, and should have done better,\u201d\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/SBF_FTX\/status\/1590709166515310593\">Bankman-Fried tweeted.<\/a><\/p>\n<p>FTX had scrambled to secure a bailout this week after a sudden liquidity crunch emerged and put the leading cryptocurrency exchange at risk of a complete collapse. Rival platform Binance initially agreed to buy the firm \u2013 only to back out of the non-binding deal due to concerns about the company\u2019s crippled finances.<\/p>\n<p>The firm\u2019s problems began after revelations that Alameda was heavily invested in FTT, a token issued by FTX. Panicked users and institutions began wondering if the platform was solvent, sparking a rush of withdrawals.<\/p>\n<p>FTX faced a shortfall of up to $8 billion and needed to secure billions in immediate relief to stay afloat in the short term.<\/p>\n<p>Regulatory scrutiny of the situation is already underway. The Securities and Exchange Commission and the Commodity Futures Trading Commission have launched probes into FTX\u2019s downfall.<\/p>\n<p>Bankman-Fried had emerged as a celebrity on the cryptocurrency scene, building a massive fortune during the pandemic-era surge of bitcoin and other tokens. FTX drew endorsements from the likes of NFL legend Tom Brady, NBA superstar Stephen Curry, \u201cSeinfeld\u201d co-creator Larry David and supermodel Gisele Bundchen during the surge.<\/p>\n<p>Bankman-Fried also became active in politics and aimed to become a \u201ckingmaker\u201d in Democratic circles by pouring millions of dollars into the 2022 midterms.\n                        <\/p><\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/news\/\" target=\"_blank\" rel=\"noopener\">News category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/nypost.com\/2022\/11\/11\/ftx-files-for-bankruptcy-as-ceo-sam-bankman-fried-resigns\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;FTX files for bankruptcy as CEO Sam Bankman-Fried resigns&#8221; FTX filed for bankruptcy and announced the resignation\u00a0of CEO Sam Bankman-Fried\u00a0on Friday, marking a stunning downfall for the 30-year-old billionaire seen as one of the cryptocurrency sector\u2019s most prominent figures. FTX.com, FTX\u2019s US operations, and Bankman-Fried\u2019s cryptocurrency trading firm Alameda Research are among about 130 FTX&#8230;<\/p>\n","protected":false},"author":1,"featured_media":509868,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/Sam-Bankman-Fried-1.jpg?quality=75&strip=all&w=1024","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[74862,135386,4978,11154,76127],"class_list":["post-509867","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-11-11-22","tag-bankruptcy","tag-ceos","tag-cryptocurrency"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/509867","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=509867"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/509867\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/509868"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=509867"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=509867"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=509867"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}