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After FTX announced decision to opt for chapter 11 bankruptcy, a top tier crypto exchange announced it halted withdrawals and deposits. The meltdown of Sam Bankman-Fried related crypto companies has already had a negative ripple on various entities in the ecosystem. Binance CEO CZ had earlier warned that the crypto market stares at cascading effects following the implosion of crypto exchange FTX. In the last two weeks, several associated cryptocurrencies like FTX Token (FTT) and Solana (SOL) lost significant value.
Bankruptcy Linked Compliance
One of Japan’s top crypto exchanges, Liquid, on Monday said it was halting deposits and withdrawals due to FTX’s bankruptcy related issues. Liquid and its associated subsidiaries were acquired by FTX in February 2022. Earlier, it announced suspension of fiat and crypto withdrawals. It cited the requirements of voluntary chapter 11 proceedings in the United States for the suspension. The Liquid exchange, founded in 2014, has presence in over 100 countries.
“Fiat and crypto withdrawals have been suspended on Liquid Global in compliance with the requirements of voluntary Chapter 11 proceedings in the United States. Until further notice we would suggest to not deposit either Fiat or Crypto.”
The bankruptcy process of FTX Group involved FTX and Alameda Research, along with several other companies. FTX.com, Alameda Research and around 130 additional affiliated companies commenced voluntary proceedings under chapter 11 bankruptcy. The company said it wants to review and monetize assets to benefit stakeholders. The announcement also marked the stepping down of Sam Bankman-Fried from the role of chief executive officer. The troubled company announced John J. Ray III as the new FTX CEO.
Bitcoin price dropped significantly over the last one week, by around 14.66%. As of writing, Bitcoin (BTC) price starts at $16,861, down 0.48% in the last 24 hours, according to price tracking platform CoinMarketCap. Also, FTX Token (FTT) price stands at $1.81, up 24.26% in the last 24 hours.
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