https://www.vice.com/en_us/article/qjkmvw/sam-bankman-frieds-ftx-crypto-empire-is-officially-bankrupt

Sam Bankman-Fried's empire has fallen, with the FTX Group filing for Chapter 11 bankruptcy in Delaware less than a day after claiming everything was okay. The international exchange FTX.com, the US-facing platform FTX.US, hedge fund Alameda Research, and about 130 additional affiliated subsidiaries are all part of the proceedings. (Here is a byzantine map of FTX Group’s corporate structure)

Chapter 11 bankruptcy will give the company a chance to keep operating while it figures out how to make customers whole again, but it’s not clear that this is possible. The firm reportedly used customer funds to fund risky bets and acquisitions through Alameda Research, burning a $10 billion hole in its books in what should by now be an incredibly familiar playbook for crypto firm customers hit by previous collapses.