Denver Troubled crypto exchange FTX is officially insolvent. The group of tech entrepreneur Sam Bankman-Fried claims that it applied for bankruptcy protection in the United States on Friday. Bankman-Fried also announced his resignation as CEO.
The 30-year-old had negotiated a multi-billion dollar cash injection with competitors and other investors to save his company. On Thursday, the Bahamian Securities and Exchange Commission froze certain FTX assets. The stock exchange has its headquarters there.
After the bankruptcy became known, cryptocurrencies continued to slide across the board. Bitcoin initially lost around eight percent and then recovered somewhat. Ether dropped by more than nine percent at first. FTT, the token of FTX, continued its free fall.
Investors have been fleeing cryptocurrencies for days
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