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SHOCKING: Ftx files chapter 11 sbf resigns - You Need To See This

SBF John Ray III FTXCOM FTX Group Crypto FTX US

Sam Bankman-Fried resigned as chief of FTX.com, capping the insolvent crypto exchange's 11th hour hunt for capital to stay afloat, which ended Friday morning.

FTX Group companies, which includes FTX Trading Ltd as well as FTX US, started Chapter 11 proceedings in the U.S., according to a statement.
John Ray III has been appointed CEO of FTX Group. Bankman-Fried, known as SBF, will remain to assist in an orderly transition.

Why it matters: FTX.com and associated units have officially declared bankruptcy.

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