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Home Gadgets FTX to file for US bankruptcy protection, CEO resigns

FTX to file for US bankruptcy protection, CEO resigns


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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