© Provided by Benzinga Shares of cryptocurrency-related companies, including Coinbase Global, Inc. (NASDAQ: COIN), Marathon Digital Holdings, Inc. (NASDAQ: MARA) and Riot Blockchain, Inc. (NASDAQ: RIOT) were volatile on Friday after crypto exchange FTX commenced Chapter 11 proceedings.
Sam Bankman-Fried, the company's CEO and founder, has also left his position but will assist in an orderly transition. The company has appointed John J. Ray III as CEO.
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"The immediate relief of Chapter 11 is appropriate to provide the FTX Group the opportunity to assess its situation and develop a process to maximize recoveries for stakeholders," said Mr. Ray.
At the time of publication, Coinbase was up about 1.7% at $51.79 per share. Meanwhile, Marathon Digital was down about 5.66% at $9.42 per share and Riot was down about 5.26% at $5.14 per share.
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