FTX Group Files for Bankruptcy

November 11, 2022
1 minutes

As you may be aware, FTX.com, FTX US, Alameda Research, and certain of their corporate affiliates (collectively, the “FTX Group”) commenced voluntary chapter 11 cases in the District of Delaware. A petition for one of the corporate entities is available here, and the balance of petitions and bankruptcy pleadings will be filed. In connection with the restructuring, Sam Bankman-Fried is resigning as CEO and John J. Ray III has been appointed as go-forward CEO. Stephen Neal has also been appointed as the chairman of the Board for FTX.com, Alameda Research, and certain other entities.

Ropes & Gray is continuing to monitor the situation. We are aware that there are many persons with connections to the crypto space may have investments in, trade on/through one of the FTX platforms or otherwise have contractual relationships with the FTX Group. If you have any questions on this front or would like to discuss this matter with an R&G attorney, please feel free to reach out to RGFTXInquiries@ropesgray.com and a member of our team will respond to you. (Alternatively, you can also reach out to your primary relationship attorney at the firm.) Similarly, if you would like to be added to a distribution list through which we will provide updates to this matter, you can also send a request to the same e-mail address.