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Al Jazeera
Al Jazeera
Business

Distressed crypto exchange FTX files for bankruptcy

FTX Crypto Sam Bankman-Fried John J Ray III Binance Bitcoin
The saga marks a sharp reversal of fortunes for FTX founder [File: Bloomberg]

Crypto exchange FTX has initiated US bankruptcy proceedings and CEO Sam Bankman-Fried has resigned, after a liquidity crisis at the cryptocurrency group that has prompted intervention from regulators around the world.

The distressed crypto trading platform had been struggling to raise billions in funds to stave off collapse after a wave of withdrawals and after a potential rescue deal by larger rival Binance collapsed within a day.

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