The sudden collapse was triggered by the exit of its retail investors this week. CEO Sam Bankman-Fried, considered one of the crypto industry’s darlings, stepped down after seeing his $20 billion fortune decimated in a week. Alameda Research’s second company has also entered bankruptcy proceedings. Bitcoin fell nearly 7% to around $16,600. The rapid reversal of fortunes for one of the industry’s biggest players comes after the value of FTX’s native cryptocurrency FTT plunged and clients scrambled to withdraw their assets. This comes after Changpeng “CZ” Zhao, the founder of rival exchange Binance, announced that his company had sold around $529m (£451m) of FTT coins due to “recent revelations that have come to light”. In a strange twist of fate, Binance this week appeared poised to offer one last bailout for the business before it exits. Read below for the latest updates.
