Cryptocurrency buying and selling firm FTX is formally looking for safety from its collectors and entered bankruptcy proceedings, the corporate mentioned in a information launch Friday.
The firm’s founder, chair and CEO, Sam Bankman-Fried, has additionally resigned, the corporate introduced.
About 130 different corporations related to FTX, together with Bankman-Fried’s funding agency Alameda, have additionally commenced voluntary proceedings underneath Chapter 11 of the U.S. bankruptcy code,” the company said.
It’s the newest growth in a whirlwind week for the corporate that has in a matter of days gone from one of many largest cryptocurrency buying and selling platforms on the earth with $16 billion in belongings, to insolvency, frozen clients accounts, regulatory and judicial investigations and rumblings of fraud.
More to return