NewsNational News


Embattled crypto exchange FTX files for bankruptcy

Posted at 10:41 AM, Nov 11, 2022
and last updated 2022-11-11 10:41:32-05

(AP) — Embattled cryptocurrency exchange FTX, short billions of dollars, is seeking bankruptcy protection following its collapse this week.

FTX Trading said its CEO and founder Sam Bankman-Fried has resigned.

FTX had agreed earlier this week to sell itself to bigger rival Binance after experiencing the cryptocurrency equivalent of a bank run but the deal fell through.

Customers fled the exchange after becoming concerned about whether FTX had sufficient capital.