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<ul><li>As a result of a severe liquidity crisis, the troubled cryptocurrency exchange FTX declared on Friday morning that Chapter 11 bankruptcy proceedings have begun.</li><li>The exchange, which had once been valued at $32 billion, abruptly collapsed, and the company also disclosed that former wealthy CEO Sam Bankman-Fried had resigned from his position as a result.</li></ul><h2 id="header-0">Sam Bankman-Fried gave up his position as CEO after FTX's bankruptcy was revealed, and John Ray III took over as the company's new CEO.</h2>The embattled cryptocurrency exchange <a href="https://www.coingabbar.com/en/crypto-currency/ftx-token-ftt-prices-usd" rel="noopener noreferrer nofollow">FTX </a>announced on Friday morning that it has started Chapter 11 bankruptcy procedures as a result of a severe liquidity crisis.New CEO Named for FTXThe company also announced that former wealthy CEO Sam Bankman-Fried had left his position as a result of the liquidity issue that caused the exchange, which had once been valued at $32 billion, to abruptly collapse.As the debt-ridden exchange's new CEO, John Ray III will oversee the process alongside other "independent specialists."The FTX Group has tremendous assets, according to Ray, and they can only be managed efficiently through a planned, collaborative process. I want to reassure every stakeholder, including employees, clients, creditors, contract parties, stockholders, investors, governmental bodies, and others, that we will handle this effort with rigour, thoroughness, and openness.Events have been moving quickly, and the new team in place has only recently started, he continued.John Ray III is, however, listed for insider trading, according to a report from the US Securities and Exchange Commission. You may find more information here.Why Did FTX File For Bankruptcy?Under pressure to increase liquidity, Binance on Tuesday signed a letter of intent to buy its struggling rival, FTX, in what appeared to be a potential rescue plan for the embattled exchange. However, following Binance's investigation into FTX, that strategy was abandoned a little more than 24 hours later.The well-known cryptocurrency exchange, which was formerly at the top of its field, has shut down in less than a week.

The FTX Exchange declares bankruptcy

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