The embattled FTX cryptocurrency exchange has filed for bankruptcy, according to a statement posted on its Twitter profile. The company says that its Chapter 11 bankruptcy filing is a necessary step to "move forward" and "maximize recovery for stakeholders."

Bitcoin, the largest cryptocurrency, crashed more than 5% in minutes after the bankruptcy announcement. Notably, the Chapter 11 proceedings will also include the exchange's American subsidiary FTX.US. However, FTX Australia, LedgerX, and some other subsidiaries will be excluded.