It took less than a week for FTX to go from the third-largest cryptocurrency exchange in the world to bankruptcy court.
NEW YORK —
“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. 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 is the latest in a series of cascading disasters that have shaken the crypto sector, now under intense pressure from collapsing prices and circling financial regulators. Its failure is already being felt throughout the crypto universe.
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