FTX Cryptocurrency exchange CEO to step down, FTX collapsed

ByVoiceup Media

Nov 12, 2022

As per media reports FTX cryptocurrency exchange Chief Executive Officer (CEO) Sam Bankman Fried is likely to step down from his position and is getting ready to undertake bankruptcy proceedings in the United States.

The decision came at a time, when biggest competitor Binance withdrew from a proposal to acquire FTX and left in lurch to raise around $9.4 billion from investors and competitors.

The beleaguered FTX cryptocurrency exchange was struggling hard to get support after; a liquidity crisis arose owing to the customers withdrawing funds rapidly.

The future of the crypto industry is being worried, which is being faced an uphill task of regaining favor among retail investors following many setbacks this year.

Also, falling Bitcoin and Ethereum prices, raised concerns among the investor. Many are in dilemma whether to bear with ongoing crisis or stay away from proceedings in the markets.

Prevailing scenarios in the cryptocurrency markets has not only created chaos across the countries but also hold back stakeholders from the investment.

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