The American crypto exchange FTX filed for Chapter 11 bankruptcy today following several days of turmoil amid a failed buyout. Founder and CEO Sam Bankman-Fried announced his official resignation yesterday. The cryptocurrency world has been severely shaken by the second-largest exchange collapsing. In 2020, FTX was valued at only a few hundred million US dollars but skyrocketed to a US$1 billion valuation in 2021 and a whopping US$32 billion this year before its current collapse. The company had been in relatively good standing, though questions about CEO Bankman-Fried’s trading company Alameda Research holding 40% of their assets in FTT tokens, […]
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