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FTX files for bankruptcy as CEO Sam Bankman Fried resigns

The crypto exchange has appointed a new CEO as it scrambles to repay creditors, customers and investors. The group of companies will continue to operate normally and pay creditors over time according to Chapter 11 of the United States Bankruptcy code.

Embattled cryptocurrency exchange FTX has filed for Chapter 11 bankruptcy in the United States. This comes days after a significant spike in withdrawal requests exposed the company as insolvent.

The bankruptcy filing shows that about 130 other business entities tied to FTX are seeking protection from creditors as well.

CEO Sam Bankman-Fried has also resigned.

60% of African countries recorded lower consumer prices in December

Further contractions in consumer prices suggest that central banks’ tactics to curb inflation are productive.

October 2022 inflation report: Consumer prices are rising at a slower pace in many African countries

Zimbabwe’s inflation has slowed for the second consecutive month as East African countries report double-digit rates.

September 2022 inflation report: Food prices have become Africa’s main inflation driver

At least 16 countries on the continent reported inflation rates higher than 10% in Sept. Zimbabwe's inflation rate slowed from 285% in Aug. to 280.4% in Sept.

FTX files for bankruptcy as CEO Sam Bankman Fried resigns

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60% of African countries recorded lower consumer prices in December

October 2022 inflation report: Consumer prices are rising at a slower pace in many African countries

September 2022 inflation report: Food prices have become Africa’s main inflation driver

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