John J. Ray III Replaces Sam Bankman-Fried at FTX

At about 4:30 a.m. EST on Nov. 11, 2022, Sam Bankman-Fried agreed to resign as chief executive of FTX, and John J. Ray III took the job, according to Ray's sworn declaration to the Delaware bankruptcy court. Ray's first official act was to authorize the Chapter 11 filings. CoinDesk, which published at 9:18 a.m. EST, counted FTX.com, FTX US, Alameda Research and "approximately 130 additional affiliated companies" among the filers. It also carried the note Ray sent staff: “In the short term we have some long days and hard work ahead of us.”