The post CEO Bankman-Fried Resigns as FTX Files for Bankruptcy Protection in The U.S. appeared first on Coinpedia Fintech News
Days after bigger rival Binance withdrew from a planned acquisition, the announcements were made.
On November 11 – The troubled cryptocurrency exchange FTX said on Friday that it would file for bankruptcy in the US as its Chief Executive Sam Bankman-Fried quit, potentially setting off one of the largest market meltdowns ever.
The company made the news on its Twitter account days after bigger rival Binance backed out of a planned purchase, leaving it scrambling to raise nearly $9.4 billion from investors and competitors.
The firm claimed that Alameda Research, a trading company owned by Bankman-Fried, is also covered by bankruptcy protection. According to sources, it is partially to blame for FTX’s problems and owes FTX almost $10 billion.
The demise of FTX represents a spectacular turnabout in fortunes for the business and its founder Sam Bankman-Fried, who
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