According to Bloomberg, when FTX filed for Chapter 11 bankruptcy last week, more than 130 related companies also asked the court to protect them. But these companies did not file any petitions or documents with the US courts.
In addition, Bloomberg also revealed that while the new CEO of FTX told clients that details of the bankruptcy would be coming to court “in the next few days”, the main court filings for FTX and Alameda Research currently contains only a 23-page fill-in-the-blank petition.
While nearly every other Chapter 11 case has been worth billions of dollars in recent years, attorneys are quick to file a series of routine requests designed to stabilize operations.
As mentioned in a previous Coincu News article, on November 11, the entire crypto market was shaken by the official announcement that FTX US, Alameda Research Ltd and approximately 130 other affiliated companies (collectively, “FTX Group”) entered the Delaware area under Chapter II of the United States Bankruptcy Code.
Currently, the exchange is still holding all users’ funds after announcing the suspension of withdrawals earlier.
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