FTX will initiate bankruptcy proceedings in the United States while its chief executive Sam Bankman-Fried resigned. efani SAFE Secure EMWNews.com

FTX files for bankruptcy protection as once-hailed CEO resigns

Larger rival Binance walks away from the proposed acquisition

FTX will initiate bankruptcy proceedings in the United States while its chief executive Sam Bankman-Fried resigned, the embattled cryptocurrency exchange said on Friday, triggering what could be one of the biggest meltdowns 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 US$9.4 billion from investors and rivals.

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

FTX’s collapse marks a stunning reversal of fortunes for the company and its founder Sam Bankman-Fried, who until recently was hailed as a “white knight” and drew comparisons to billionaire Warren Buffett.

It also raises questions about the future of smaller firms like BlockFi and bankrupt crypto lender Voyager Digital, which had signed rescue packages with FTX after 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.

Some people are of believing that their Social Security Number (SSN) is the most valuable number. In reality, your mobile phone number is even more valuable to hackers and scammers.

Take recent data breaches as an example. Scammers can use the breach data to SIM Swap your number and become you. Once the scammer and hackers have control of your number it is a matter of minutes to hours before they wreak havoc on your entire life.

These scammers and hackers, now that they control your number, can gain access and steal all your bank accounts, crypto, social media, and other accounts. We take for granted how much our mobile controls our lives.

It is time you protect yourself today and get SAFE secured.

Protect yourself today and get SAFE secured

Your Mobile Telephone Phone Number is the Key & Gateway to your Entire data and Identity security. Get efani SAFE Secured NOW!