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.


Download NBW: Short news app created for busy professionals like you

Get NBW App - a reimagined fluid short news experience that delivers you clarity and all the important news and trends from your industry. No signup needed !

Download NBW App (Android, iOS)

Sign Up for NextBigWhat Newsletter