FTX filed for bankruptcy and announced the resignation of its CEO Sam Bankman-Fried on Friday,

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FTX filed for bankruptcy and announced the resignation of its CEO Sam Bankman-Fried on Friday, marking a stunning downfall for a billionaire seen as one of the cryptocurrency sector’s most prominent figures.

The filing was made at a federal court in Delaware and includes FTX.US, the company’s American arm, and Bankman-Fried’s proprietary trading arm Alameda Research, as well as approximately 130 affiliated companies.

John J. Ray will replace Bankman-Fried as CEO.

“The immediate relief of Chapter 11 is appropriate to provide the FTX Group the opportunity to assess its situation and develop a process to maximize recoveries for stakeholders,” Ray said in a statement.

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“The FTX Group has valuable assets that can only be effectively administered in an organized, joint process. I want to ensure every employee, customer, creditor, contract party, stockholder, investor, governmental authority and other stakeholder that we are going to conduct this effort with diligence, thoroughness and transparency,” Ray added.14

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