FTX files for Chapter 11 bankruptcy as CEO Sam Bankman-Fried resigns

Illustration: The Verge Crypto’s no-good, very bad 2022 got even worse as FTX (along with its international platform, the independent FTX.us exchange, and Alameda Research Ltd.), previously the world’s third-largest crypto exchange by volume, couldn’t come up with the money to satisfy customers’ withdrawal requests and then suffered an aborted acquisition attempt by a competitor. Now, the company is filing for Chapter 11 bankruptcy in the United States while announcing that founder and CEO Sam Bankman-Fried has resigned from his post. The negative ripple effect across the industry started last night with Blockfi, another crypto services firm, freezing customer withdrawals as a result of the FTX problems. After the announcement, the price of Bitcoin dropped... Continue reading…