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| Major crypto exchange goes bust | Major crypto exchange goes bust |
| (about 4 hours later) | |
| FTX announced the launch of bankruptcy proceedings via Twitter | |
| Cryptocurrency exchange FTX has commenced voluntary bankruptcy proceedings in the US, the platform announced on Friday. | Cryptocurrency exchange FTX has commenced voluntary bankruptcy proceedings in the US, the platform announced on Friday. |
| The company will begin “an orderly process to review and monetize assets for the benefit of all global stakeholders,” FTX said in a statement on Twitter. | The company will begin “an orderly process to review and monetize assets for the benefit of all global stakeholders,” FTX said in a statement on Twitter. |
| Chief Executive Sam Bankman-Fried resigned, and a new CEO, John J. Ray III, was appointed, the exchange added. | Chief Executive Sam Bankman-Fried resigned, and a new CEO, John J. Ray III, was appointed, the exchange added. |
| The announcement comes days after larger rival Binance abandoned plans to acquire FTX and left the exchange with the task of raising roughly $9 billion from investors and rivals to stay afloat. | The announcement comes days after larger rival Binance abandoned plans to acquire FTX and left the exchange with the task of raising roughly $9 billion from investors and rivals to stay afloat. |
| Binance backed out of the deal after a due diligence examination and recent reports of mishandled customer funds, as well as alleged investigations by the US authorities into the company. Abandonment of the deal triggered a meltdown in the cryptocurrency market, with the price of Bitcoin sinking to its lowest level in two years. | Binance backed out of the deal after a due diligence examination and recent reports of mishandled customer funds, as well as alleged investigations by the US authorities into the company. Abandonment of the deal triggered a meltdown in the cryptocurrency market, with the price of Bitcoin sinking to its lowest level in two years. |
| The initiation of bankruptcy proceedings by FTX may trigger what could be one of the biggest meltdowns in the industry, according to Reuters. | The initiation of bankruptcy proceedings by FTX may trigger what could be one of the biggest meltdowns in the industry, according to Reuters. |
| For more stories on economy & finance visit RT's business section | For more stories on economy & finance visit RT's business section |
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