Crypto giant FTX files for bankruptcy and CEO resigns in disgrace

FTX, the troubled cryptocurrency exchange, has filed for bankruptcy after a stunning financial implosion exposed concerns about its handling of customer funds.

The Bahamas-based company, recently valued as high as $32 billion, said on Friday morning that it will file for Chapter 11 bankruptcy proceedings in federal court in Delaware.

FTX founder and CEO Sam Bankman-Fried has resigned his role and will remain in an advisory role to assist the transition, the company said.

Developing story, more to follow. 

FTX founder and CEO Sam Bankman-Fried has resigned as the company files for bankruptcy