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FTX files for US bankruptcy protection; Bankman-Fried quits
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finextra.comBankman-Fried is being replaced by John J Ray, who says: "The immediate relief of Chapter 11 is appropriate to provide FTX Group the opportunity to assess its situation and develop a process to maximise recoveries for stakeholders."Bankman-Fried has been scrambling to find a rescue package for his firm over the last week as it faced up to a liquidity crunch as customers rushed to withdraw funds,The company struck a takeover deal with rival Binance but that quickly fell through when due diligence showed up a massive financial black hole. In the days since, it has been trying to raise more than $9 billion from investors.FTX is also facing regulatory heat, with the SEC and CFTC both investigating it in the US.
Read more on finextra.comAbout this in other media
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