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FTX, FTX US and Alameda File For Bankruptcy

Date:

All FTX related entities have filed for bankruptcy according to Sam Bankman-Fried, its CEO and founder. He said:

“Today, I filed FTX, FTX US, and Alameda for voluntary Chapter 11 proceedings in the US.”

The choice of US jurisdiction is interesting as this would be the first crypto bankruptcy of scale in the United States.

The addition of FTX US to the bankruptcy might have not been expected by some. They’re a separate entity and there were suggestions it wasn’t affected by Alameda and FTX, but it too now is part of the bankruptcy proceedings.

The website of FTX and FTX US are still running, though with warnings, with it not clear how long that will continue to be the case.

So far it appears only BlockFi has decisively been affected with it pausing withdrawals as they had a credit line from FTX US.

BlockFi nearly went bankrupt during summer, but the credit line kept it around until now. They are thought to currently have only half a billion worth of client assets according to on-chain data.

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