Teetering crypto platform FTX seeks bankruptcy protection, CEO resigns


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.

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