Cryptocurrency giant FTX and its affiliates have entered Chapter 11 bankruptcy proceedings, with founder Sam Bankman-Fried stepping down as CEO.
The filing represents a stunning upturn for the cryptocurrency exchange, once valued at $32 billion and considered the face of the industry due to extensive marketing and promotional efforts.
I’m really sorry, again, that we ended up here,” Bankman-Fried wrote in a Twitter thread Friday. “Hopefully things can find a way to recover.”
FTX US, Alameda, FTX crypto hedge fund, and approximately 130 other sister companies are all included in the bankruptcy proceedings.
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