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Articles

Cryptocurrency exchange FTX has announced bankruptcy

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The cryptocurrency exchange FTX initiated bankruptcy proceedings under Chapter 11 of the US Bankruptcy Code.

The Chief Executive Officer of the company, Sam Bankman-Fried, has stepped down from his position, according to a statement released by FTX on Twitter. John Ray III will be the new CEO of the company.

"FTX and 130 affiliated companies have filed for bankruptcy in the Delaware court to initiate an orderly process of asset assessment and monetization in the interests of all stakeholders," the statement reads.

Earlier this week, the largest cryptocurrency exchange Binance, which had planned to acquire FTX assets, backed out of the deal after conducting due diligence. The company explained its decision by pointing to errors in FTX's management of client funds, as well as reports of investigations being conducted by US regulators against the platform.

Following this, FTX CEO Sam Bankman-Fried stated that the exchange requires funding of up to $8 billion due to the massive withdrawal of funds by clients from the exchange.

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