:Cryptocurrency exchange FTX said on Friday it was commencing bankruptcy proceedings in the United States and Sam Bankman-Fried is resigning from his role as chief executive officer.
The move comes days after larger rival Binance walked away from a proposed acquisition and left it scrambling to raise about $9.4 billion from investors and rivals. The embattled company was seeking a lifeline after a liquidity crunch due to customers withdrawing funds at a frenetic pace. It also fans concerns about the future of the crypto industry, which faces an uphill task of regaining favor among retail investors after several blowups this year.
Source: News Formal (newsformal.com)
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