FTX Trading on Friday filed for Chapter 11 bankruptcy, capping a sudden and startling downfall for one of the world's largest cryptocurrency exchanges.
Founder and CEO Sam Bankman-Fried also resigned from the company, which appointed John J. Ray III as its new chief executive. Bankman-Fried plans to stay with FTX while it works through the bankruptcy process, according to a statement on Friday.
"The immediate relief of Chapter 11 is appropriate to provide the FTX Group the opportunity to assess its situation and develop a process to maximize recoveries for stakeholders," Ray said in the statement.
President Donald Trump signed an memorandum on Thursday instructing his administration to pursue reciprocal tariffs against...
Donald Trump has said he will announce new 25% tariffs on all steel and aluminum imports...
JPMorgan Chase is summoning all staff back to the office, becoming the latest corporate giant to...
