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Home»Finance»FTX fires three of its top executives – WSJ
Finance

FTX fires three of its top executives – WSJ

November 20, 2022No Comments2 Mins Read
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Nov 18 (Reuters) – Cryptocurrency trade FTX, which just lately filed for U.S. chapter courtroom safety, has fired three of its prime executives, together with co-founder Gary Wang, the Wall Avenue Journal reported on Friday, citing an FTX spokeswoman.

The opposite fired executives had been engineering director Nishad Singh and Caroline Ellison, who ran FTX’s buying and selling arm Alameda Analysis, the newspaper stated.

FTX didn’t instantly reply to a request from Reuters for remark.

The crypto trade filed for chapter safety final week and former Wall Avenue dealer Sam Bankman-Fried resigned as chief govt after the rival trade Binance walked away from a proposed acquisition. learn extra

The U.S. chapter proceedings contain a number of FTX group corporations with greater than 100,000, and presumably over 1 million, collectors.

Based on interviews with a number of individuals near Bankman-Fried and firm communications not beforehand reported, the corporate had been secretly taking dangers with buyer funds to prop up a buying and selling agency owned by Bankman-Fried, which led to the corporate’s collapse. learn extra

The corporate had come beneath some regulatory oversight by the handfuls of licenses it picked up by way of its many acquisitions. However that didn’t defend its clients and buyers, who now face losses totaling billions of {dollars}.

A number of crypto companies have since been bracing for the fallout from the FTX collapse, with many counting their publicity in thousands and thousands to the beleaguered trade.

Reporting by Akanksha Khushi in Bengaluru; Enhancing by William Mallard, Rovert Birsel

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