FTX has filed for Chapter 11 Proceedings in the United States. This follows the fiasco over the past couple of days where the company failed to honor its customer’s withdrawal requests.
The immediate relief of Chapter 11 is appropriate to provide the FTX Group the opportunity to assess its situation and develop a process to maxmize recoveries for stakeholders. The FTX Group has valuable assets that can only be effectively administered in an organized, joint process.”