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Cryptocurrencies went through a harsh sell-off Friday as FTX announced it has filed for Chapter 11 bankruptcy in the U.S.

Bitcoin declined 5%, to $16,589.82, while ether shed 4.5%, to $16,589.82, according to Coin Metrics. They ended 20.1% and 24.3% lower respectively, for the week.

FTX CEO Sam Bankman-Fried has also resigned, according to a statement posted to FTX’s Twitter account Friday.

Bankman-Fried became known as the white knight of the industry, helping bring crypto to the masses through his relationships with high-profile celebrities, regulators, and institutions.

Investors are monitoring the fallout from the three-year-old FTX and its sister company, trading firm Alameda Research, still unclear on the extent of the damage that will spread to the rest of the market.

About 130 other global companies, including Alameda and FTX U.S., have also begun bankruptcy.

Some of the largest names in finance — including SoftBank, BlackRock, Tiger Global, Thoma Bravo, Sequoia and Paradigm — invested in FTX, which was valued at $32 billion during its last funding round.

“We are in the midst of another deleveraging event in the crypto ecosystem and it is so far having limited spillover to broader equity markets beyond sentiment, as crypto institutions lent to each other,” Morgan Stanley analyst Sheena Shah said in a note Friday.

“We expect another round of crypto QT” — or what the firm has previously described as the “crypto equivalent of quantitative tightening” — “with creditor exposures revealed in coming weeks,” she added. “These creditors are currently selling crypto assets to cover risks, adding to volatility.”