FTX cryptocurrency platform goes bankrupt and Bankman-Fried resigns

The embattled company finally declares its insolvency
Stephen Vicinanza
Sam Bankman-Fried
Sam Bankman-Fried

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The head of the FTX cryptocurrency platform Sam Bankman-Fried has officially declared the company bankrupt and resigned from his position in a statement.

FTX in a not-surprising move has finally declared its insolvency. After a long stretch of financial difficulties, after having saved many other cryptocurrency companies.

The company had been doling out Bitcoin at a rapid rate and found itself in trouble earlier this year. The head of the company, Sam Bankman-Fried had made headlines by saying he would give away his billions to help other cryptocurrency companies.

Bitcoin, who lost millions on FTX's bid to be bought by Binance as their decision-makers decided not to bail out the company when it began to flounder.

Now Bankman-Fried has declared bankruptcy and stepped down.

This is a developing story and will be updated soon.

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