he FTX crisis appears to have concluded. In a press release shared on Twitter, the crypto exchange announced that it had filed for Chapter 11 bankruptcy "to begin an orderly process to review and monetize assets for the benefit of all global stakeholders." The firm's sister entity algorithmic trading firm Alameda Research, its American subsidiary FTX.US, and roughly 130 affiliated entities will also be filing for bankruptcy. Ledger X LLC, FTX Digital Markets Ltd., FTX Australia Pty Ltd. and FTX Express Pay Ltd. have not been included in the filing. The memo also announced that the firm's CEO and founder Sam Bankman-Fried is resigning from his role. John J. Ray III has been appointed CEO and will work with other "independent professionals" during the proceedings. "The FTX Group has valuable assets that can only be effectively administered in an organized, joint process," said Ray, adding that he and his team would conduct the proceedings for all parties affected by the FTX collapse with "diligence." FTX's financial woes are, however, reportedly severe. The firm's head of institutional sales Zane Tackett shared on Twitter that the firm had liabilities amounting to nearly $8.8 billion but added that those figures were not "concrete." Sources close to the matter also reported that the firm used a mix of client funds, FTT tokens, and shares in Robinhood to prop up the trading firm Alameda. The White House's Press Secretary Karine Jean-Pierre said that “without proper oversight of cryptocurrencies, they risk harming everyday Americans.” Though FTX has come to the end of the line with its latest filing, there are still concerns of continued crypto contagion. Just yesterday, crypto lending platform BlockFi paused withdrawals on the platform, saying that it is "not able to operate business as usual" given the lack of clarity around FTX, FTX US, and Alameda. By Liam J. Kelly, Nov 11, 2022, https://decrypt.co/114205/ftx-files-chapter-11-bankruptcy-sbf-steps-down-as-ceo
