FTX will initiate bankruptcy proceedings in the United States while its Chief Executive Sam Bankman-Fried resigned, the embattled cryptocurrency exchange said on Friday. This has triggered 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 FTX scrambling to raise about $9.4 billion from investors and rivals.