Major Cryptocurrency Exchange Files For Bankruptcy

CBS News reports:

FTX Trading on Friday filed for Chapter 11 bankruptcy, capping a sudden and startling downfall for one of the world’s biggest cryptocurrency exchanges.

Founder and CEO Sam Bankman-Fried also resigned from the company, which appointed John J. Ray III as its new chief executive.

“The immediate relief of Chapter 11 is appropriate to provide the FTX Group the opportunity to assess its situation and develop a process to maximize recoveries for stakeholders,” Ray said in a Friday statement.

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BREAKING: FTX Trading filed for Chapter 11 bankruptcy, capping a sudden and startling downfall for one of the world’s biggest cryptocurrency exchanges. https://t.co/cc2DIqORs5

— CBS News (@CBSNews) November 11, 2022