NEW YORK, Nov. 11, 2022 (GLOBE NEWSWIRE) — Kaplan Fox & Kilsheimer LLP (www.kaplanfox.com) is investigating potential claims relating to crypto exchange platform FTX Trading LTD d/b/a FTX, FTX US, its founder and CEO Sam Bankman-Fried and Alameda Researcha related party cryptocurrency trading company.

If you are concerned by the recent revelations about FTX and would like to discuss our investigation, please contact us via email jcampisi@kaplanfox.com or by calling (212) 687-1980.

On November 11, 2022, FTX issued a press release titled “FTX Group Companies Begin Voluntary Chapter 11 Proceedings in the United States; Begin Orderly Process to Review and Monetize Assets for Benefit of Global Stakeholders; John J. Ray III appointed chief executive officer; Sam Bankman-Fried resigns.”

The press release states that “FTX Trading Ltd. (dba FTX.com) announced today that it, West Realm Shires Services Inc. (dba FTX US), Alameda Research Ltd. and approximately 130 other affiliated companies (collectively, the “FTX Group”), have initiated a voluntary process under Chapter 11 of the United States Bankruptcy Code in the District of Delaware to initiate an orderly process of asset verification and monetization for the benefit of all global stakeholders.”

Mr. Ray, the newly appointed CEO, stated, “The immediate relief of Chapter 11 is appropriate to allow FTX Group to assess its situation and develop a process to maximize returns to stakeholders… The FTX Group has valuable assets that can only be effectively managed in an organised, collaborative process. I would like to reassure all employees, customers, creditors, counterparties, shareholders, investors, government agencies and other stakeholders that we will conduct this effort with care, thoroughness and transparency, understand that events have changed rapidly and the new team only recently was hired. Stakeholders should review the materials…