Crypto company that faces scrutiny from Texas regulators files for bankruptcy after competitor questioned its viability

📆 11/11/2022 2:27 PM
📰 TexasTribune

⏱ Reading Time:
25 sec. here
2 min. at publisher
📊 Quality Score:
News: 13%
Publisher: 53%

United States News News

United States United States Latest News,United States United States Headlines

FTX’s collapse came after customers raced to cash out their deposits when a major competitor questioned its viability and declined to buy the company in a bailout deal.

Sam Bankman-Fried, CEO and Founder of FTX, in Washington, D.C., on Sept. 15. The crypto company announced Friday that it's filing for bankruptcy and Bankman-Fried has resigned., our daily newsletter that keeps readers up to speed on the most essential Texas news.

The bankruptcy filing in Delaware — which includes FTX Trading, FTX US, Alameda Research and about 130 additional affiliated companies collectively known as the FTX Group — seeks to allow the group to “assess its situation and develop a process to maximize recoveries for stakeholders,” newly-appointed FTX Group CEO John J . Ray III said in a statement.on Friday said Bankman-Fried’s assets went “from $16 billion to zero in days” as a result of the “downfall of his crypto empire.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

Write Comment

United States United States Latest News, United States United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Crypto.com CEO Shares Company's Crypto Reserve Addresses in the Wake of FTX Bankruptcy – Bitcoin NewsCrypto․com's Marszalek says a “proof-of-reserves audit preparation is underway” and the wallet addresses shared are the company’s cold wallets. Ok, I only listen to ChiefraFba for signals! Suuuuuuure who are the shareholders of CRO?
Source: BTCTN - 🏆 531. / 51 Read more »