Cryptocurrency alternate FTX stated on Friday it was commencing bankruptcy proceedings in the US and Sam Bankman-Fried is resigning from his function as chief govt officer.
The transfer comes days after bigger rival Binance walked away from a proposed acquisition and left it scrambling to lift about $9.4 billion from buyers and rivals.
The embattled firm was in search of a lifeline after a liquidity crunch resulting from prospects withdrawing funds at a frenetic tempo.
It additionally followers considerations about the way forward for the crypto business, which faces an uphill activity of regaining favor amongst retail buyers after a number of blowups this yr.
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