FTX files for bankruptcy, CEO Sam Bankman-Fried steps down

The once-third-largest crypto exchange FTX has fallen from prestige in the past week and has now announced it filed for Chapter 11 bankruptcy in the U.S.

FTX CEO and founder Sam Bankman-Fried has resigned from his role, and Enron turnaround veteran John J. Ray III has been appointed as the new CEO. About 130 additional affiliated companies — including FTX US and Alameda Research — have also begun the bankruptcy process, FTX said in a statement.