In a statement to Cointelegraph on Nov. 10, CCI CEO Sheila Warren said the council had accepted FTX US’ resignation as an associate member of the group. The firm’s departure came amid crypto exchange FTX reporting liquidity issues, leading to volatility across the market and concerns from global regulators and lawmakers.

Sam Bankman-Fried lost US$15 billion and control of one of the world’s biggest crypto exchanges in under 24 hours.

GSR is operating as normal and remains focused on maintaining liquidity for our clients despite the disappointing news that has come out this week. Supporting our clients, partners and the wider crypto community in the coming weeks and months will remain our top priority.

The impact of the FTX incident may exceed the Luna and 3AC collapse and affect the institutions implicated by 3AC but not filed for bankruptcy.

Temasek Holdings, the Singaporean state-holding company owned by the government of Singapore is allegedly engaging with FTX amid Binance’s plans to bail out the crypto trading firm. Singapore’s state investor has been known to have invested in the cryptocurrency and blockchain industry for quite some time now.

The U.S. Department of Justice is looking into crypto exchange FTX after its apparent collapse.

The move comes after Solana has plummeted 40% in 24-hours due to its link with the beleaguered Sam Bankman-Fried empire.

Crypto trading and lending firm Genesis Trading reported losses of around $7 million "across all counterparties" that include Alameda Research after it hedged and sold collateral on Tuesday in anticipation of market volatility following a liquidity crunch at FTX.

SOL’s funding rates sharply dropped as low as -4% on Wednesday in anticipation of the unlock

Sam Bankman-Fried told FTX.com investors on Wednesday that without a cash injection, the company would need to file for bankruptcy, according to a person with direct knowledge of the matter.