Sam Bankman-Fried resigns as CEO of FTX as cryptocurrency exchange files for Chapter 11 U.S. bankruptcy

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Troubled cryptocurrency exchange FTX said it filed for voluntary Chapter 11 bankruptcy in a Delaware court on Friday, and that Chief Executive Officer Sam Bankman-Fried has resigned. In a statement posted on Twitter, the company said that John J. Ray III has been appointed as the new CEO. The company said that the bankruptcy filing was done in “order to begin an orderly process to review and monetize assets for the benefit of all global stakeholders.”

This article was originally published by Marketwatch.com. Read the original article here.

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