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FTX Group, which includes the FTX.com entity as well as FTX US, Alameda Research and “approximately 130 additional affiliated companies” have all filed for chapter 11 bankruptcy proceedings, according to a press release. CEO and founder Sam Bankman-Fried also resigned his role, but will "assist in an orderly transition." John
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CryptoX played a central role in this week’s FTX meltdown, following our coverage of Alameda Research’s suspect balance sheet last week. But the crypto industry's maturation and eventual success requires that we flesh out these unstable structures and bad practices. Source
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According to co-founder Kevin Zhou, the locked funds total around $40 million. Source
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"Following the Chapter 11 bankruptcy filings - FTX US and FTX [dot] com initiated precautionary steps to move all digital assets to cold storage," Miller said. "Process was expedited this evening - to mitigate damage upon observing unauthorized transactions." Original Source
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The exchange’s public wallets hold just over $52,000, data shows. Source
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The contract between FTX and Miami-Dade County says FTX must pay the County three years of fees in the event of default. Original Source
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Japan’s top financial regulator, the Financial Services Agency (FSA), has issued a business suspension order to FTX Japan, the Japanese subsidiary of FTX.com. The financial watchdog has also ordered the crypto exchange to submit a business improvement plan by Nov. 16. Japanese Regulator Takes Action Against FTX Japan Japan’s Financial Services Agency
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More than $380 million in crypto left FTX and FTX US wallets late Friday. Source
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Sam Bankman-Fried handed over control of his company to the veteran Wall Street bankruptcy lawyer who will guide the company’s Chapter 11 process. Source
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The chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, has outlined two paths the agency is taking to regulate the crypto industry. Meanwhile, a U.S. congressman is investigating whether Gensler helped FTX CEO Sam Bankman-Fried and his bankrupt crypto exchange on legal loopholes to obtain a regulatory
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