The troubled cryptocurrency exchange FTX announced Friday both that it had filed for bankruptcy protection and that Sam Bankman-Fried had resigned as CEO.
John J. Ray III, a former senior managing director of Greylock Partners and corporate turnaround expert, was named as FTX's new chief executive, according to a press released posted on Twitter. Bankman-Fried will stay on to help with the transition, the release said.
“The immediate relief of Chapter 11 is appropriate to provide the FTX Group…
