Sam Bankman-Fried’s cryptocurrency exchange FTX filed for Chapter 11 bankruptcy in the U.S. following a week of significant scandals and upset in the cryptocurrency space.
that the crypto exchange Binance backed out of its plans to acquire rival platform FTX leaving the firm on the brink of collapse.
Sam Bankman-Fried, founder and chief executive officer of FTX Cryptocurrency Derivatives Exchange, speaks during the Institute of International Finance annual membership meeting in Washington, DC, US, on Thursday, Oct. 13, 2022. This year’s conference theme is “The Search for Stability in an Era of Uncertainty, Realignment and Transformation.” Photographer: Ting Shen/Bloomberg via Getty Images
Within a few days, FTX plummeted from a $32 billion valuation to now facing bankruptcy as its liquidity evaporated, customers demanded their money back, and Binance officially terminated an agreement to purchase the firm.Sam Bankman-Fried wrote, “I’m sorry. That’s the biggest thing. I fucked up, and should have done better.”, reportedly traveled to the Bahamas to assist Bankman-Fried as both a friend and an investor.
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