Ftx, one of the largest cryptocurrency exchanges, declares bankruptcy

“The group – continues the lawyer – has valuable assets that can only be effectively administered in an organized and joint process. I want to assure every employee, customer, creditor, contractor, shareholder, investor, government authority and other interested party that we will conduct this effort with diligence, completeness and transparency“. Ray hopes that all actors involved understand “that events happened quickly and the new team was only recently involved“.

How Ftx ended up on the verge of bankruptcy

Cryptocurrency Exchange Issues Began To Surface In July And Are Likely To Strengthen Rival Binance, Which Will No Longer Acquire The Company

Events

After the publication of the article on Coindesk, was in fact mounted the concern of Changpeng Zhaofounder of Binance, who then had publicly announced the liquidation of his company’s FTX holdingsthe world’s first cryptocurrency exchange, worth approximately $ 500 million.

After a couple of days of social confrontation between Zhao and Bankman-Fried, Binance, who had been the first investor in FTX, he had signed in surprise a letter of intent to acquire the rival. After a few hours of due diligence, however, Zhao had decided not to continue the operation.

On 10 November, Sbf had therefore written in a series of tweets that Ftx was looking to increase its liquidity and was negotiating with some players to raise money e deliver “every penny raised to users“. To manage this process will be the new course of Ftx.