Crypto exchange FTX files for bankruptcy as its CEO resigns
"The immediate relief of Chapter 11 is to provide the FTX Group the opportunity to assess its situation and develop a process to maximize recoveries for stakeholders," new CEO John J. Ray III said in a statement."The FTX Group has valuable assets that can only be administered in an organized, joint process.
The company swiftly found itself in dire straits after the price of its native FTT token nosedived and many users withdrew their cryptocurrency. Following reports that FTX was facing a liquidity crisis, Changpeng Zhao, the CEO of rival crypto giant Binance, said his company would sell off around $529 million worth of FTT. That all but wiped out the token's value.
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