FTX, a cryptocurrency exchange, declares bankruptcy after its CEO resigns

FTX, a cryptocurrency exchange, declares bankruptcy after its CEO resigns

After the price of its native FTT token plummeted and many customers withdrew their money, the firm quickly found itself in severe difficulties. Following concerns that FTX was experiencing a liquidity issue, Changpeng Zhao, CEO of rival crypto behemoth Binance, said that his business will sell $529 million of FTT. That effectively wiped off the token’s value.