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Game over for FTX as CEO-founder quits and company files for bankruptcy

Collapse comes after FTX failed to meet surge in customer withdrawals.

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Enlarge / Sam Bankman-Fried, the founder and chief executive of FTX, has resigned. (credit: Financial Times)

FTX has filed for bankruptcy protection in the US after it was unable to meet a torrent of withdrawals, marking a stunning collapse for Sam Bankman-Fried’s crypto empire that was valued at $32 billion just months ago.

The filing in a federal court in Delaware on Friday includes FTX’s US entity, Bankman-Fried’s proprietary trading group Alameda Research, and about 130 affiliated companies.

The collapse of FTX comes after a whirlwind 10 days in which Bankman-Fried desperately sought billions of dollars to save his company after customers rushed to pull their assets out of the business following concerns surrounding its financial health and links between the exchange and Alameda, also founded by Bankman-Fried.

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