FTX Group\u00a0said Friday<\/a>\u00a0it has filed for bankruptcy in the United States and that its CEO has resigned, marking a stunning downfall for one of the biggest and most powerful players in the crypto industry.<\/p>\n FTX said Sam Bankman-Fried, the 30-year-old founder of the exchange, will remain to assist in an orderly transition. The firm appointed a new CEO, John Ray III, and many employees are expected to stay on to operate the company in Chapter 11.<\/p>\n \u201cI\u2019m really sorry, again, that we ended up here,\u201d Bankman-Fried wrote in a\u00a0Twitter thread<\/a>\u00a0Friday. \u201cHopefully things can find a way to recover.\u201d<\/p>\n The bankruptcy proceedings include FTX US as well as FTX\u2019s crypto hedge fund Alameda and about 130 other sister companies. [CNN\/Business<\/strong><\/a>]<\/em><\/p>\n<\/blockquote>\n While in isolation it’s not unlike a bank going under, in the context of the industry, it’s not good. Last time I was paying attention to Bitcoin<\/strong><\/em>, it went for something like $19K\/coin. Now?<\/p>\n Source: CoinMarketCap.com<\/strong><\/a><\/em><\/p><\/div>\n Call it $17K\/coin. More importantly, yesterday the stock market had a marked recovery on a report that inflation is slowing.<\/p>\n Bitcoin<\/strong><\/em> didn’t.<\/p>\n Too much navel gazing? Not sensitive to that particular marker since the system is supposedly insensitive?<\/p>\n Maybe it’s deflating from unsupportable price spikes. Hello, tulips?<\/p>\n","protected":false},"excerpt":{"rendered":" The saga of cryptocurrency continues on its sad, even tragic path, as FTX Group, a Bahamian-based cryptocurrency exchange, has foundered: FTX Group\u00a0said Friday\u00a0it has filed for bankruptcy in the United States and that its CEO has resigned, marking a stunning downfall for one of the biggest and most powerful players \u2026 Continue reading ![\"\"](\"https:\/\/i0.wp.com\/huewhite.com\/umb\/wp-content\/uploads\/2022\/11\/Bitcoin-value-nov-11-2022.jpg?resize=800%2C508&ssl=1\")
<\/a>