The filing in federal court in Delaware on Friday includes FTX’s US entity, Bankman-Fried’s proprietary Alameda Research trading group and about 130 affiliated companies. FTX’s collapse comes after a whirlwind 10 days in which Bankman-Fried desperately sought billions of dollars to save his company after clients rushed to pull assets from the business amid concerns about its financial health. health and the ties between the stock market and Alameda. founded by Bankman-Fried. Bankman-Fried also stepped down as CEO and will be replaced by John J Ray III, a restructuring specialist who oversaw the bankruptcies of Enron and Nortel Networks. “The immediate Chapter 11 relief is appropriate to give FTX Group an opportunity to assess its situation and develop a process to maximize recoveries for stakeholders,” Ray said, adding that the company had “valuable assets which can only be effectively managed in an organized, common process’. Bankman-Fried “will remain to assist in a smooth transition,” FTX said in a statement Friday. In just over three years, FTX had secured a $32 billion valuation and attracted a roster of blue-chip investors including Paradigm, SoftBank, Sequoia Capital and Singapore’s Temasek. Venture capital firms Sequoia and Paradigm have in recent days zeroed in on their investments. Recommended Bankman-Fried, who was one of the most well-known figures in crypto, had sought $6 billion to $8 billion in recent days to ease the liquidity crunch. The 30-year-old had apologized on Thursday for the crisis that engulfed his company: “I’m sorry. That’s the biggest thing. I fucked up and I should have done better.” FTX Digital Markets Ltd, the group’s subsidiary in the Bahamas, is not included in the bankruptcy proceedings. The Bahamas Securities and Exchange Commission took action Thursday against the entity. No assets belonging to the subsidiary may be transferred without the approval of the provisional liquidator. LedgerX, a regulated US futures exchange and an Australian subsidiary are among other entities not included in the filing. The group’s Australian business has been placed into administration, while Japanese watchdogs have indefinitely suspended local operations of FTX’s international platform. Video: Cryptocurrencies: how regulators lost control