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Cryptocurrencies

Sam Bankman-Fried's $32bn FTX crypto empire files for bankruptcy

Collapse comes after the digital assets group failed to meet surge in customer withdrawals

The chief executive will be replaced by John J. Ray III.   © Reuters

LONDON (Financial Times) -- FTX has filed for bankruptcy protection in the U.S. after it was unable to meet a torrent of withdrawals, marking a stunning collapse for Sam Bankman-Fried's crypto empire that was valued at $32 billion just months ago.

The filing in a federal court in Delaware on Friday includes FTX's U.S. entity, Bankman-Fried's proprietary trading group Alameda Research and about 130 affiliated companies.

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