FTX files for bankruptcy, SBF resigns

https://twitter.com/FTX_Official/status/1591071832823959552

FTX Group Companies Commence Voluntary Chapter 11 Proceedings in the United States
Begin Orderly Process to Review and Monetize Assets for Benefit of Global Stakeholders
John J. Ray 111 Appointed Chief Executive Officer; Sam Bankman-Fried Resigns

FTX Trading Ltd. (d.b.a. FTX.eom), announced today that it, West Realm Shires
Services Inc. (d.b.a. FTX US), Alameda Research Ltd. and approximately 130 additional
affiliated companies (together, the "FTX Group"), have commenced voluntary proceedings
under Chapter 11 Of the United States Bankruptcy Code in the District of Delaware in order to
begin an orderly process to review and monetize assets for the benefit of all global
stakeholders.
John J. Ray Ill has been appointed ChiefExecutive Officer ofthe FTX Group. Sam
Bankman-Fried has resigned his role as Chief Executive Officer and will remain to assist in an
orderly transition. Many employees ofthe FTX Group in various countries are expected to
continue with the FTX Group and assist Mr. Ray and independent professionals in its
operations during the Chapter 11 proceedings.

"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," said Mr. Ray. "The FTX Group has valuable assets that can Only be effectively
administered in an organized, joint process. I want to ensure every employee, customer,
creditor, contract party, stockholder, investor, governmental authority and other stakeholder that we are
going to conduct this effort with diligence, thoroughness and transparency.
Stakeholders should understand that events have been fast-moving and the new team is engaged only recently.
Stakeholders should review the materials filed on the docket Of the proceedings over the coming days for more information."

Excluded Subsidiaries
The following subsidiaries are not included in the Chapter 11 proceedings: LedgerX LLC,
FTX Digital Markets Ltd., FTX Australia Pty Ltd. and FTX Express pay Ltd..