By Friday morning, FTX said Bankman-Fried had resigned as CEO and that the firm was filing for bankruptcy.
Failures are not uncommon in the murky, largely unregulated world of crypto, but FTX is not your average crypto startup.
Namely, that the bulk of its assets are held in FTT, a digital token minted by Alameda’s sister firm, FTX.
On Sunday, the CEO of Binance, FTX’s much larger rival, said his company was liquidating $580 million worth of FTX holdings.
After a chaotic week, FTX filed for bankruptcy.