FTX files for bankruptcy, CEO Bankman-Fried steps down

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. It was partly behind FTX’s problems and reportedly owes FTX roughly $10 billion.

[Via]

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