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FTX has filed for bankruptcy reorganisation in the US and SBF has resigned as chief executive

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Bankruptcy does not necessarily mean the end of the company or its ability to provide value and money to its customers.

BlockBeats news, on November 11th, FTX officially released a statement that it has filed for bankruptcy reorganization in the United States. SBF has resigned as Chief Executive Officer of FTX and has been replaced by John J. Ray III. John J. Ray III, FTX's new chief executive, said he would restructure the company with the help of Alvarez, Sullivan and Cromwell. Filing for Chapter 11 bankruptcy protection is a necessary step to chart the next steps.

Later, SBF, the former CEO of FTX, posted on social media, "Today I voluntarily filed for Chapter 11 bankruptcy proceedings with FTX, FTX US and Alameda in the US, hoping that things will find a way to recover." Plan to write an article on FTX and aim to clarify the state of things and also aim for clarity on user compensation. I believe that FTX's new CEO John J. Ray III and others can best serve our customers. Bankruptcy does not necessarily mean the end of the company or its ability to provide value and money to its customers.