FTX, Alameda and approximately 130 related companies have started the bankruptcy process in U.S. court. John J. Ray III, who was chair of Enron’s successor company Enron Creditors Recovery and oversaw the energy-trading firm’s own bankruptcy proceedings, will take over as CEO. (The Logic, The Wall Street Journal)

Talking point: Bankman-Fried’s time as one of the richest and most powerful people in crypto has come to a humiliating end, and his fall may take a lot more down with him. Crypto lender BlockFi, which made a bailout deal with FTX in July, paused withdrawals Thursday evening, stoking fears of contagion. Calgary-based crypto-trading platform Bitvo, meanwhile, clarified it has “no material exposure to FTX” and is operating as normal despite FTX’s agreement to acquire it, a transaction that has not closed. The Ontario Teachers’ Pension Plan, which disclosed Thursday it invested US$95 million in FTX, now joins the Caisse de dépôt et placement du Québec, which took a US$150-million stake in troubled crypto lender Celsius Network, in monitoring bankruptcy proceedings as a creditor following a failed crypto investment.