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Crypto exchange FTX files for bankruptcy amid $8 billion shortfall

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FTX files for bankruptsy

FTX Trading on Friday filed for Chapter 11 bankruptcy, capping a sudden and startling downfall for one of the world's largest cryptocurrency exchanges.

Founder and CEO Sam Bankman-Fried also resigned from the company, which appointed John J. Ray III as its new chief executive. Bankman-Fried plans to stay with FTX while it works through the bankruptcy process, according to a statement on Friday.

"The immediate relief of Chapter 11 is appropriate to provide the FTX Group the opportunity to assess its situation and develop a process to maximize recoveries for stakeholders," Ray said in the statement.

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