Cryptocurrency exchange FTX files for bankruptcy, Sam Bankman-Fried resigns as CEO

Cryptocurrency exchange FTX has filed for Chapter 11 bankruptcy in the U.S. The company announced this on its Twitter page.

CEO Sam Bankman-Fried has left his post and is replaced by John Ray III.

According to the statement, West Realm Shires Services Inc. (doing business as FTX US), Alameda Research Ltd., and approximately 130 additional affiliated companies (together, the “FTX Group”), have commenced voluntary proceedings under Chapter 11 of the United States Bankruptcy Code in the District of Delaware.

The Chapter 11 proceedings do not include the following subsidiaries: LedgerX LLC, FTX Digital Markets Ltd., FTX Australia Pty Ltd., and FTX Express Pay Ltd.

In a 23-page bankruptcy filing obtained by CNBC, FTX says it has more than 100,000 creditors, assets ranging from $10 billion to $50 billion, and liabilities ranging from $10 billion to $50 billion.

Within days FTX, a cryptocurrency exchange valued at $32 billion, went bankrupt as its liquidity dried up, customers demanded withdrawals, and rival exchange Binance broke its non-binding agreement to buy the company, although FTX's problems began because of Binance's actions, too.

Amid the developments, FTX founder Sam Bankman-Fried admitted Thursday that he “f---ed up.”