Embattled crypto exchange FTX files for bankruptcy
It took less than a week for FTX to go from the third-largest cryptocurrency exchange in the world to bankruptcy court.
"I was shocked to see things unravel the way they did earlier in the week," Bankman-Fried wrote in a series of posts on Twitter. FTX and Bankman-Fried, as well as his brother, were also early investors in Semafor, the high profile news startup run by former BuzzFeed editor-in-chief and New York Times columnist Ben Smith.
In its bankruptcy filing, FTX listed more than 130 affiliated companies circled around the globe. The company valued its assets between $10 billion to $50 billion, with a similar estimate for its liabilities. The company appointed as its new CEO John Ray III, a long-time bankruptcy litigator who is best known for having to clean up the mess made after the collapse of Enron.
FTX had agreed earlier this week to sell itself to bigger rival Binance after experiencing the cryptocurrency equivalent of a bank run. Customers fled the exchange after becoming concerned about whether FTX had sufficient capital. On Thursday, the venture capital fund Sequoia Capital said Thursday it is writing down its total investment of nearly $215 million in FTX.
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