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Update – Kaplan Fox Investigates Liquidity Crisis at Cryptocurrency Platform FTX; FTX Files for Chapter 11 Bankruptcy in the U.S.

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

If you have been affected by the recent revelations concerning FTX and would like to discuss our investigation, please contact us by emailing jcampisi@kaplanfox.com or by calling (212) 687-1980.

On November 11, 2022, FTX issued a press release titled “FTX Group Companies Commence 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 stated that “FTX Trading Ltd. (d.b.a. FTX.com), announced today that it, West Realm Shires Services Inc. (d.b.a. FTX US), Alameda Research Ltd. and approximately 130 additional affiliated companies (together, the “FTX Group”), have commenced voluntary proceedings under Chapter 11 of the United States Bankruptcy Code in the District of Delaware in order to begin an orderly process to review and monetize assets for the benefit of all global stakeholders.”

Mr. Ray, the newly appointed CEO, stated “The immediate relief of Chapter 11 is appropriate to provide the FTX Group the opportunity to assess its situation and develop a process to maximize recoveries for stakeholders . . . The FTX Group has valuable assets that can only be effectively administered in an organized, joint process. I want to ensure every employee, customer, creditor, contract party, stockholder, investor, governmental authority and other stakeholder that we are going to conduct this effort with diligence, thoroughness and transparency. Stakeholders should understand that events have been fast-moving and the new team is engaged only recently. Stakeholders should review the materials filed on the docket of the proceedings over the coming days for more information.”

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

WHY CONTACT KAPLAN FOX – Kaplan Fox is a leading national law firm focusing on complex litigation with offices in New York, Oakland, Los Angeles, Chicago and New Jersey. With over 50 years of experience in complex litigation, Kaplan Fox offers the professional experience and track record that clients demand. Through prosecuting cases on the federal and state levels, Kaplan Fox has successfully shaped the law through winning many important decisions on behalf of our clients. For more information about Kaplan Fox & Kilsheimer LLP, you may visit our website at www.kaplanfox.com.

If you have any questions about this investigation, please contact:

Jeffrey P. Campisi
KAPLAN FOX & KILSHEIMER LLP
850 Third Avenue, 14th Floor
New York, New York 10022
(212) 687-1980
E-mail: jcampisi@kaplanfox.com

Laurence D. King
KAPLAN FOX & KILSHEIMER LLP
1999 Harrison Street, Suite 1560
Oakland, California 94612
(415) 772-4704
Fax:  (415) 772-4707
E-mail: lking@kaplanfox.comox.com


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