One of the world’s biggest cryptocurrency exchanges, Futures Exchange (FTX), has filed for bankruptcy, as the wealth of the founder, Sam Bankman-Fried, crashed to zero.
FTX filed for the bankruptcy days after world’s largest crypto exchange, Binance, pulled out of an acquisition deal with the company, citing probe by US authorities and alleged misuse of customers funds as reason for not acquiring Bankman-Fried’s company.
The financial crisis in FTX came as a shock, as the company had bailed out crypto lender, BlockFi, with $250 million loan in June.
