FTX, once the world’s third-largest crypto exchange, filed for voluntary Chapter 11 bankruptcy in a Delaware court on Friday.
Once one of the most prominent players in the industry, FTX’s collapse happened in less than a week. Regulators and law enforcement agencies including the U.S. Securities and Exchange Commission and Justice Department are investigating the exchange.
Its co-founder and former chief executive Sam Bankman-Fried, whose net worth at its highest point was more than $26 billion, saw his fortune almost vanish overnight.
FTX’s fall could also put more pressure on the already battered crypto market and shake up the rather nascent industry, analysts said.
This article includes MarketWatch’s coverage so far around the still-evolving situation and its contagion, and will continue to be updated.
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