Cryptocurrency exchange FTX has announced it has begun voluntary bankruptcy proceedings in the US.

In a statement on Twitter the exchange announced that it will begin, “an orderly process to review and monetize assets for the benefit of all global stakeholders.”

The exchange added that a new CEO, John J. Ray III has been appointed to replace former CEO Sam Bankman-Fried.

The announcement follows the pullout of rival cryptocurrency exchange Binance from a proposed deal to acquire FTX. Binance cited questionable business practices and mishandled customer funds, as well as looming US regulatory investigations it uncovered during its due diligence as the reasons it was pulling out. That left the exchange needing to raise approximately $9 billion from investors in order to stay afloat.

Binance’s abandonment of the deal triggered a rout in the cryptocurrency markets, as Bitcoin sank to its lowest price in two years, and other cryptos followed.

Some have indicated there is a real risk of contagion within the cryptocurrency sector. Reuters noted experts fear the bankruptcy of FTX may trigger one of the biggest meltdowns the sector has ever seen.