Crypto exchange announced it had "liquidity" issues earlier this week.Crypto exchange FTX filed for bankruptcy in the U.S., the company announced Friday.
CEO and founder Sam Bankman-Fried also resigned his role, but will "assist in an orderly transition." John Ray III is the new CEO.
Bitcoin, the largest cryptocurrency, crashed more than 5% in minutes after the bankruptcy announcement. Notably, the Chapter 11 proceedings will also include the exchange's American subsidiary FTX.US. However, FTX Australia, LedgerX, and some other subsidiaries will be excluded.
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