On Friday, cryptocurrency exchange company FTX said that it has filed for bankruptcy in the U.S. In an official statement, the company also said that Sam Bankman-Fried has resigned as the cryptocurrency exchange's CEO. The company said that Fried resigned following a liquidity crisis that forced a sudden unraveling of the exchange at one point worth $32 billion. As per reports, John J. Ray III is likely to replace Bankman-Fried, who will "remain to assist in an orderly transition," the company said.

FTX Crypto Exchange Files for Chapter 11

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