The once-third-largest crypto exchange FTX has fallen from prestige in the past week and has now announced it filed for Chapter 11 bankruptcy in the U.S.FTX CEO and founder Sam Bankman-Fried has resigned from his role, and Enron turnaround veteran John J. Ray III has been appointed as the new CEO.About 130 additional affiliated companies — including FTX US and Alameda Research — have also begun the bankruptcy process, FTX said in a statement.But just a bit over 24 hours later, Binance backed out of the plan after reviewing FTX’s structure and books.“As a result of corporate due diligence, as well as the latest news reports regarding mishandled customer funds and alleged U.S. agency investigations, we have decided that we will not pursue the potential acquisition of [FTX],” Binance said in a tweet.On Thursday, Bankman-Fried said in a series of tweets that FTX International was looking to raise liquidity and was in talks with a “number of players.” He added that any money raised and existing collateral “will go straight to users.”FTX has fallen from being the third largest crypto exchange to 62nd, according to CoinMarketCap data."