FTX announces bankruptcy filing, CEO Bankman resigns
Thanks to CTOnews.com netizens for their witty meow clue delivery! November 11 news, FTX Group announced that it has initiated bankruptcy proceedings in the United States, CEO Sam Bankman-Fried (SBF) has resigned and appointed J Ray III as the new CEO.
As a result, the FTX eco-coin (FTX Token) fell 20 per cent in an hour. Bitcoin fell more than 4.5% to less than $16800.
On November 10, Sam Bankman-Fried posted 22 tweets on its Twitter account, forming a lengthy and fragmented letter of apology, stressing that the total market capitalization of assets and collateral in FTX's international business was higher than user deposits, but blamed poor internal record keeping for misaccounting of exchange leverage and liquidity.
