The once-third-largest crypto alternate FTX has fallen from status previously week and has now announced it filed for Chapter 11 chapter within the U.S.

FTX CEO and founder Sam Bankman-Fried has resigned from his position, and Enron turnaround veteran John J. Ray III has been appointed as the brand new CEO.

“The speedy aid of Chapter 11 is suitable to offer the FTX Group the chance to evaluate its state of affairs and develop a course of to maximise recoveries for stakeholders,” Ray stated in a press release.

This information comes after a week-long collapse of the FTX empire as the corporate tried to maintain itself afloat, looking for out acquisitions and recent capital from market gamers.

This story is creating and will likely be up to date as new info arises.

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