Crypto exchange FTX filed for U.S. bankruptcy proceedings on Friday and founder Sam Bankman-Fried stepped down as CEO, in a stunning downfall that has sent shock waves through markets and drawn calls for better regulation of the digital industry.
from investors such as Singapore state investor Temasek and the Ontario Teachers' Pension Plan as well as celebrities and sports stars., has morphed from being the poster child of crypto's successes to the protagonist of the industry's highest-profile blowup.
The week's turmoil hit already-struggling cryptocurrency markets, sending bitcoin to two-year lows . Bitcoin dropped after FTX's announcement and was down 4.3% at $16,803 on Friday afternoon.FTX's token FTT plunged 30% on Friday to $2.57, facing an 88% weekly loss. Representations of cryptocurrencies are seen in front of displayed FTX logo and decreasing stock graph in this illustration taken November 10, 2022. REUTERS/Dado Ruvic/IllustrationIn its bankruptcy petition, FTX Trading said it has $10 billion to $50 billion in assets, $10 billion to $50 billion in liabilities, and more than 100,000 creditors. John J. Ray III, a restructuring expert, has been appointed to take over as CEO.
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