Crypto prices sank on the news that FTX and more than 100 corporate entities affiliated with the firm are filing for bankruptcy.

Bitcoin dropped 5.2% at $16,551, while ether crashed 6.5% to $1,215.

Rumors of FTX's insolvency had been swirling in the lead-up to the filing. Former Head of Institutional Sales Zane Tacket revealed via Twitter that the firm had $8.8 billion in liabilities, just $900 million in liquid assets, and $5.2 billion in less liquid or illiquid assets.