FTX: Crypto firm collapses into bankruptcy

Embattled cryptocurrency speech FTX has filed for bankruptcy successful the US, seeking tribunal extortion arsenic it looks for a mode to instrumentality wealth to users.

The institution said that erstwhile brag Sam Bankman-Fried had besides stepped down arsenic main executive.

It said the extremity was to "begin an orderly process to reappraisal and monetize assets for the payment of each planetary stakeholders".

The moves headdress a week of immense turmoil for the company.

Earlier this week, customers rushed to retreat their funds arsenic rumours swirled that FTX and different firms headed by Mr Bankman-Fried were connected shaky fiscal ground.

Mr Bankman-Fried tried to signifier a bailout, hoping to beryllium bought by Binance, a rival cryptocurrency exchange.

Mr Bankman-Fried had been 1 of the stars of the crypto scene, often speaking connected behalf of the manufacture earlier regulators.