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Troubled FTX’s Bahamas unit seeks bankruptcy protection | Economy

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FTX Digital Markets seeks Chapter 15 protection after high-profile collapse of parent crypto exchange.

The Bahamas unit of troubled crypto exchange FTX has sought protection from creditors in the United States.

FTX Digital Markets is seeking protection under Chapter 15 of the US Bankruptcy Code, a court filing showed on Tuesday.

Under Chapter 15, foreign debtors may file for bankruptcy in the United States court system, allowing them to shield their assets in the country.

Non-US companies use the provision to protect themselves from creditors seeking to file lawsuits or tie up assets in the US.

FTX, the third-largest crypto exchange, filed for bankruptcy on Friday after investors rushed to withdraw $6bn from the platform and a proposed rescue deal by rival Binance collapsed. CEO and founder Sam Bankman-Fried also stepped down following the imposition

Bankman-Fried, a 30-year-old MIT graduate who had been described as the next Warren Buffet, has promised to explain “what happened”  insisted the exchange has sufficient assets “to repay all customers”.

FTX’s implosion has…

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