FTX Crypto Exchange Replaces CEO & Files For Bankruptcy Protection | FNF Recap (11/11/2022)

FTX is a cryptocurrency exchange based out of the Bahamas and founded in 2019 by Sam Bankman-Friend (SBF). FTX peaked with over 1,000,000 users and was the 3rd largest crypto exchange by volume. FTX faced liquidity issues and, despite the assurances of SBF, filed for bankruptcy relief under Chapter 11 of the U.S. Bankruptcy Code on November 11, 2022. In the days leading up to FTX's bankruptcy filing, it's founder and then-CEO took to Twitter to express his apologies for the current state of affairs and ensured the world that things would be just fine.

NOTE - this is a developing story, which I will be following closely. The information in this video depicts the situation as we knew it on November 11, 2022. Stay tuned for updated information.

Friday Night Frenzy airs weekly on Friday at 8:00 PM EST, covering major stories impacting the legal community. You can watch the full episode from 11/11/2022 here: https://youtu.be/zSHie9W__UA

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THIS VIDEO IS FOR EDUCATIONAL AND INFORMATIONAL PURPOSES ONLY AND IS NOT TO BE CONSTRUED AS LEGAL ADVICE. PLEASE CONSULT WITH COUNSEL IN YOUR JURISDICTION.