Video: White House acknowledges the strict control over cryptocurrency market upon the huge collapse of FTX.

White House acknowledges the strict control over cryptocurrency market upon the huge collapse of FTX.
Sam Bankman-Fried’s cryptocurrency exchange FTX has filed for Chapter 11 bankruptcy in the U.S., according to a company statement posted on Twitter. Bankman-Fried has also stepped down as CEO and has been succeeded by John J. Ray III, though the outgoing chief will stay on to assist with the transition.

Approximately 130 additional affiliated companies are part of the proceedings, including Alameda Research, Bankman-Fried’s crypto trading firm, and FTX.us, the company’s U.S. subsidiary. Inexperienced young entrepreneur Bankman-Fried could face fraud charges by the federal authorities.