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Crypto ‘wunderkind’ resigns at FTX exchange as firm files for bankruptcy

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FTX Group said Friday it has launched voluntary Chapter 11 bankruptcy proceedings in the United States and that its CEO has resigned, marking a stunning downfall for one of the biggest and most powerful players in the crypto industry.

FTX said Sam Bankman-Fried, the 30-year-old crypto wunderkind behind the exchange, will remain to assist in an orderly transition.

The bankruptcy proceedings include FTX’s crypto hedge fund Alameda Research and about 130 other sister companies.

FTX said John Ray III has been appointed the new CEO and many exchange employees are expected to stay on to operate the company in Chapter 11.

Ray said bankruptcy protection will give FTX the chance to “assess its situation and develop a process to maximize recoveries for stakeholders.”

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