 "Sam Bankman-Fried")
FTX will initiate bankruptcy proceedings in the United States while its Chief Executive Sam Bankman-Fried resigned, the embattled cryptocurrency exchange said on Friday, triggering what could be one of the biggest meltdowns in the industry.
The announcements, made on the company's Twitter handle, come days after larger rival Binance walked away from a proposed acquisition and left it scrambling to raise about $9.4 billion from investors and rivals.
Bankman-Fried's trading firm Alameda Research is also part of the bankruptcy protection, the company said. Sources have said that it was partly behind FTX's problems and reportedly owes FTX roughly $10 billion.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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