TechFlow news, November 11 — FTX's official Twitter account announced that the FTX Group companies have initiated voluntary bankruptcy protection proceedings in the United States, beginning an orderly review and monetization of assets to protect global stakeholders. John J. Ray III has been appointed CEO, while Sam Bankman-Fried has stepped down, remaining to assist with an orderly transition.
During the bankruptcy protection process, many employees of the FTX Group across various countries are expected to continue working with FTX and assist John and independent professionals with operations. Original link
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