On Friday, FTX stated in a press release that the crypto exchange, along with Alameda Research and around 130 companies affiliated with the FTX Group have filed for bankruptcy "in order to begin an orderly process to review and monetize assets for the benefit of all global stakeholders." FTX also stated that Sam Bankman-Fried will step down as CEO and John J. Ray III has been appointed as the new CEO. Ray stated, "The immediate relief of Chapter 11 is appropriate to provide the FTX Group the opportunity to assess its situation and develop a process to maximize recoveries for stakeholders.
