FTX Group Companies Commence Bankruptcy Proceedings in US (1)

(Updates with number of FTX Group companies filing for bankruptcy.)

FTX Trading, West Realm Shires Services, Alameda Research and about 130 other affiliated companies commenced Chapter 11 bankruptcy proceedings in the US, according to a press release online.

• Current CEO Sam Bankman-Fried has resigned as CEO and will “remain to assist in an orderly transition”
• John J. Ray III will be the new CEO of the FTX group
• Employees are expected to continue with the company and “assist Mr. Ray and independent professionals in its operations during Chapter 11 proceedings”

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