FTX fires three top executives including co-founder Gary Wang: report

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Cryptocurrency exchange FTX, which recently filed for protection in US bankruptcy court, has fired three of its top executives, including co-founder Gary Wang, the Wall Street Journal reported Friday, citing an FTX spokeswoman.

The other executives fired were technical director Nishad Singh and Caroline Ellison, who headed FTX’s trading arm Alameda Research, the paper said.

FTX did not immediately respond to a Reuters request for comment.

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The crypto exchange filed for bankruptcy protection last week and former Wall Street trader Sam Bankman-Fried resigned as CEO after rival exchange Binance walked away from a proposed takeover.

The US bankruptcy proceedings involve multiple FTX group companies with more than 1,00,000 and possibly more than 1 million creditors.

According to interviews with several people close to Bankman-Fried and company communications not previously reported, the company had secretly risked customer money to support a Bankman-Fried trading firm, leading to the collapse of Company.

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The company had come under some regulatory scrutiny from the dozens of licenses it had obtained through its many acquisitions. But that didn’t protect its customers and investors, who are now losing billions of dollars in total.

Several crypto companies have since braced themselves for the fallout from the FTX collapse, with many counting their exposure to the beleaguered exchange in the millions.

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© Thomson Reuters 2022


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