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FTX to file for U.S. bankruptcy protection, CEO Bankman-Fried resigns

Nov 11 (Reuters) - FTX will initiate bankruptcy proceedings in the United States
 while its Chief Executive Sam Bankman-Fried resigned, the embattled cryptocurre
ncy exchange said on Friday, triggering what could be one of the biggest meltdow
ns in the industry.

The announcements, made on the company's Twitter handle, come days after larger
rival Binance walked away from a proposed acquisition and left it scrambling to
raise about $9.4 billion from investors and rivals.

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Bankman-Fried's trading firm Alameda Research is also part of the bankruptcy pro
tection, the company said. Sources have said that it was partly behind FTX's pro
blems and reportedly owes FTX roughly $10 billion.

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FTX's collapse marks a stunning reversal of fortunes for the company and its fou
nder Sam Bankman-Fried, who until recently was hailed as a "white knight" and dr
ew comparisons to billionaire Warren Buffett.

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It also raises questions about the future of smaller firms like BlockFi and bank
rupt crypto lender Voyager Digital, which had signed rescue packages with FTX af
ter the spectacular crash of TerraUSD in May pushed many companies to the brink
of collapse.

FTX was seeking a lifeline after a liquidity crunch due to customers withdrawing
 funds at a frenetic pace. It also fans concerns about the future of the crypto
industry, which faces an uphill task of regaining favor among retail investors.
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