00:00 Open 03:07 FTX Bankruptcy 10:52 Stock Market
Crypto giant FTX and its affiliated companies have started the process of filing for Chapter 11 bankruptcy, with founder and CEO Sam Bankman-Fried stepping down as CEO.
The filing represents a staggering turn for the cryptocurrency exchange, once reportedly valued at $32 billion and seen as the face of the crypto industry thanks to its voluminous marketing and advertising efforts.
The resignation of Bankman-Fried, 30, is stunning. He was a crypto wunderkind who graced the cover of Forbes and Fortune and had emerged as a major Democratic donor and a leader of what has been dubbed the "effective altruism" movement, which sought to reshape philanthropy..
The reversal comes one day after Binance CEO Changpeng Zhao announced that the world’s largest cryptocurrency firm had reached a nonbinding deal to buy FTX’s non-U.S. businesses for an undisclosed amount, rescuing the company from a liquidity crisis. Earlier this year, FTX was valued at $32 billion by private investors.
“In the beginning, our hope was to be able to support FTX’s customers to provide liquidity,” Binance said in a tweet Wednesday. “But the issues are beyond our control or ability to help.”
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#crypto #ftx #binance
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