Faced with a liquidity crisis due to large-scale withdrawals, FTX, a virtual currency exchange, filed for bankruptcy protection and the CEO resigned.
The incident could be the biggest disaster in the cryptocurrency industry, Reuters reported.
In a statement posted on Twitter, FTX said it has initiated a voluntary bankruptcy protection process to liquidate its assets and initiate an orderly review process for the benefit of all stakeholders worldwide.
John Ray III, who inherited the position of CEO, promised that the FTX Group would carry out such efforts faithfully and transparently, saying that the FTX Group can only be managed efficiently through systematic joint procedures .
FTX, which has deepened a liquidity crisis as the world’s largest cryptocurrency exchange Binance withdrew its intention to acquire FTX one day after it announced its intention to acquire FTX, has sought to raise $9.4 billion in funding from investors and rivals.
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