The bankruptcy filing followed the dramatic collapse of FTX and a failed acquisition deal involving Binance.
CEO Sam Bankman-Fried has resigned, according to a company statement.According to a bankruptcy filing by Alameda Research, the firm says it has more than 100,000 creditors.
Per the filing, Alameda is being represented by Delaware-based law firm Landis Rath & Cobb LLP. Attorney Adam Landis is representing the company.Crypto exchange FTX has moved to file for Chapter 11 bankruptcy, along with more than 100 corporate entities affiliated with FTX, including Alameda Research and FTX US, according to a company statement.
"The immediate relief of Chapter 11 is appropriate to provide the FTX Group the opportunity to assess its situation and develop a process to maximize recoveries for stakeholders," Ray said in the statement."I want to ensure every employee, customer, creditor, contract party, stockholder, investor, governmental authority and other stakeholder that we are going to conduct this effort with diligence, thoroughness and transparency.
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