FTX files for bankruptcy, CEO Bankman-Fried resigns
FTX CEO Sam Bankman-Fried's billions in net worth has been halved
FTX crisis doesn't change long-term success of crypto: Coinbase CFO Alesia Hass
Coinbase CFO Alesia Hass discusses the chaos surrounding crypto exchange FTX and if there are any suitors ready to buy the distressed company on 'The Claman Countdown.'
FTX filed for bankruptcy after a week of tumult for the cryptocurrency exchange, the company announced Friday. Embattled CEO Sam Bankman-Fried has also resigned.
The Chapter 11 process will include Alameda Research, West Realm Series and 130 affiliated companies, according to the announcement.
The filing comes one day after Bankman-Fried apologized for the crisis in a series of tweets.
FTX'S SAM BANKMAN-FRIED SAYS SORRY
"I sincerely apologize," he said Thursday in a rapid series of 22 tweets. He also promised to continue trying to save the company.
"So, right now, we're spending the week doing everything we can to raise liquidity. I can't make any promises about that. But I'm going to try. And give anything I have to if that will make it work," he said.
This came after Binance, who briefly agreed to step in, bailed citing red flags that came up during the due diligence process.
Bankman-Fried has seen his net worth drop from nearly $30 billion to about $15 billion, according to Bloomberg's Billionaires Index.
Sam Bankman-Fried, founder and CEO of FTX Cryptocurrency Derivatives Exchange, during an interview on an episode of "Bloomberg Wealth with David Rubenstein" in New York on Aug. 17, 2022. | Getty Images
The move rattled crypto currencies as Bitcoin fell to the $16,000 level.