Crypto exchange giant FTX collapses, files for bankruptcy

By KEN SWEET
AP Business Writer

NEW YORK (AP) — Embattled cryptocurrency exchange FTX, short billions of dollars, is seeking bankruptcy protection following its collapse this week. FTX Trading said its CEO and founder Sam Bankman-Fried has resigned. FTX, an affiliated hedge fund Alameda Research, and dozens of other companies filed a bankruptcy petition in Delaware on Friday morning. FTX had agreed earlier this week to sell itself to bigger rival Binance after experiencing the cryptocurrency equivalent of a bank run, but the deal fell through. Customers fled the exchange after becoming concerned about whether FTX had sufficient capital.