According to News Agency, New York, November 11th, the well-known cryptocurrency trading platform FTX trading company announced on social media on the 11th that the company and other affiliates of the FTX Group have initiated voluntary bankruptcy proceedings in accordance with relevant U.S. laws.
FTX founder and CEO Sam Bankman-Fried has resigned, but will continue to assist in an orderly transition for the company, the announcement said. John Jay has been named as the new CEO.
Founded in 2019, FTX has more than 1 million users worldwide. Affected by FTX-related news, the price of cryptocurrencies has fluctuated sharply in recent days, and the prices of cryptocurrencies such as Bitcoin and Ethereum all fell sharply on the 11th.
The price of cryptocurrencies such as Bitcoin began to fall sharply in June this year as the Fed’s interest rate hike increased investor fears of a recession and increased demand for safe-haven financial markets. In July of this year, American cryptocurrency broker Traveler Digital and cryptocurrency lending platform Celsius Network filed for bankruptcy, and many investors suffered losses due to their inability to withdraw cryptocurrency assets.