Crypto exchange FTX files for bankruptcy, CEO Bankman-Fried steps down

Cryptocurrency exchange FTX filed for bankruptcy on Friday, the company said in a statement adding that chief executive Sam Bankman-Fried has resigned.

This comes days after FTX's deal with its rival Binance collapsed leaving the crypto exchange scrambling for $9.4 billion.

The company has filed for chapter 11 bankruptcy in the U.S. which allows for the restructuring the company and prioritises creditors.

Bankman-Fried's Alamedia Research LLC and 130 other affiliated companies of FTX have filed for bankruptcy.

As per the court filing, Alameda Research has listed assets and liabilities in the range of $10 billion to $50 billion.

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