FTX founder and CEO Sam Bankman-Fried resigned his role and will remain in an advisory role to assist the transition.
Cryptocurrency giant, FTX has filed for bankruptcy.
Dailymail reported that before the troubled cryptocurrency exchange company crashed, many had expressed concerns about its handling of customer funds.
The Bahamas-based company, recently valued as high as $32 billion, said on Friday morning that it will file for Chapter 11 bankruptcy proceedings in federal court in Delaware.
It's the most suitable type of insolvency they should file for, even the most frequent type is chapter 7 bankruptcy
concentrating on starting over again.
FTX founder and CEO Sam Bankman-Fried has resigned his role and will remain in an advisory role to assist the transition, the company said.