Crypto exchange FTX is to start US bankruptcy proceedings and CEO Sam Bankman-Fried is to step down after a week of high drama.
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Sam Bankman-Fried is being investigated by the US Securities and Exchange Commission for potential violations of securities rules.
News of the liquidity crunch at FTX has sent reverberations through the crypto world.
The crisis engulfing Sam Bankman-Fried’s FTX.com is rapidly worsening, with the onetime crypto wunderkind warning of bankruptcy.
Crypto giant Binance has helped cover a “liquidity crunch” at rival FTX in a surprise move that lifted cryptocurrencies on Tuesday.
South Africa’s financial regulator has warned traders to be “cautious and vigilant” when using FTX Trading Ltd, one of the world’s fastest-growing crypto exchanges.
China’s multiyear crackdown on the crypto industry may have reached its apex on Friday, cementing a shift in the balance of power away from one of the countries that first embraced the digital currency world.