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The Associated Press

FTX crypto exchange, billions of dollars low and under DOJ scrutiny, seeks bankruptcy

FTX Crypto Binance Department of Justice Sam Bankman-Fried Bitcoin

An advertisement for Bitcoin cryptocurrency is displayed on a street Feb. 17 in Hong Kong. Bitcoin slumped to a two-year low Wednesday. (Kin Cheung/AP)

Embattled cryptocurrency exchange FTX, short billions of dollars, is seeking bankruptcy protection following its collapse this week.

FTX and its CEO and founder Sam Bankman-Fried are under investigation by the Department of Justice and the Securities and Exchange Commission to determine whether any criminal activity or securities offenses were committed. The person could not discuss details of the investigations publicly and spoke to The Associated Press on condition of anonymity.

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