Cryptocurrency Giant Files For Bankruptcy, Dem Donor CEO Resigns As Prices Plunge

By FOX Business
Posted on 11/11/22 | News Source: FOX Business

FTX filed for bankruptcy after a week of tumult for the cryptocurrency exchange, the company announced on Friday. Embattled CEO Sam Bankman-Fried has also resigned.

The Chapter 11 process will include Alameda Research, West Realm Series and 130 affiliated companies, according to the announcement.

The filing comes one day after Bankman-Fried apologized for the crisis in a series of tweets.

"I sincerely apologize," he said in a rapid series of 22 tweets on Thursday. He also promised to continue trying to save the company.