Crypto exchange FTX files for bankruptcy

ftx has applied for insolvency protection in the United States after the struck cryptocurrency exchange had failed in a last attempt to secure a rescue package.

Sam Bankman-Fried, the founder and managing director, has also resigned and is replaced by John J Ray III.

The submission was made by a federal court in Delaware and includes FTX.US, its American branch, and Bankman-Frieds own branch Alameda Research and around 130 associated companies.

"The immediate relief of Chapter 11 is appropriate to give the FTX Group the opportunity to evaluate its situation and to develop a process to maximize the reclaims for the interest groups," said Ray.

further follow