FTX to file for US bankruptcy protection as CEO resigns

Sam Bankman-Fried of FTX has resigned.

The world’s second-largest cryptocurrency exchange, FTX, has filed for bankruptcy protection in the US and the founder, Sam Bankman-Fried, has resigned as chief executive.

In a statement, FTX said a range of related businesses including Alameda Research, a trading firm also owned by Bankman-Fried, had filed for chapter 11 proceedings “in order to begin an orderly process to review and monetise assets for the benefit of all global stakeholders”.