The cryptocurrency trading company FTX has formally filed for bankruptcy and requested protection from its creditors, the company announced in a news release on Friday.
Sam Bankman-Fried, the organization’s founder, chair, and CEO, also announced his resignation.
According to the company, more than 130 other FTX-affiliated businesses “have initiated voluntary proceedings under Chapter 11 of the United States Bankruptcy Code,” including Bankman-investment Fried’s company Alameda Research.
The company has experienced a wild week, going from having one of the largest cryptocurrency trading platforms in the world with $16 billion in assets to insolvency, frozen customer accounts, regulatory and judicial investigations, and rumblings of fraud in a matter of days.
Elon Musk, the CEO of Twitter and the richest man in the world, responded to the situation by making a few comments about the SBF and FTX situations as they developed.
Here are some of Elon Musk’s tweets:
A message from SBF partner to Elon when he tried to help Elon Musk buy Twitter.
Musk asked Netflix when will they release a series on SBF and FTX.
Elon Talks about SBF donating to Democrats