CCTV2 CCTV Financial Channel reported that "cryptocurrency trading platform FTX declared bankruptcy", FTX announced through social media on the 11th that the company and other affiliates of the FTX Group have initiated voluntary bankruptcy proceedings in accordance with relevant US laws. Affected by this news, the prices of cryptocurrencies such as bitcoin and ether fell sharply on the 11th. Founded in 2019, FTX has more than 1 million users worldwide. The bankruptcy filing documents show that the company has more than 100,000 creditors and a debt scale of between $10 billion and $50 billion. The analysis believes that the reasons for FTX's bankruptcy filing are the drying up of liquidity, a large number of customers requesting to withdraw cryptocurrency assets and competitors abandoning acquisition plans.