FTX.com said it filed for Chapter 11 bankruptcy in Delaware, capping a swift reversal of fortune for the crypto exchange led by Sam Bankman-Fried, who has resigned.
Crisis quickly befell FTX this month after prices for the exchange’s native crypto token, FTT, plummeted and users raced to withdraw their assets. Rival crypto exchange leader Changpeng “CZ” Zhao had earlier said he would sell some $529 million of FTT coins due to “recent revelations that came to light.”
