Embattled Crypto Exchange FTX Files for Bankruptcy

The cryptocurrency exchange FTX on Friday said that it was filing for bankruptcy, capping a stunning week that has upended crypto markets and sent shock waves through the industry.

In a statement on Twitter, the company said that FTX’s 30-year-old founder, Sam Bankman-Fried, had resigned. John J. Ray III has been appointed chief executive.

FTX collapsed this week after a three-day run on deposits sparked by the chief executive of its top rival, Binance, who posted tweets over the weekend questioning the stability of its business.

This a developing story. Check back for updates.