FTX fires three of its top executives – WSJ

Nov 18 (Reuters) – Cryptocurrency alternate FTX, which not too long ago filed for U.S. chapter court docket safety, has fired three of its prime executives, together with co-founder Gary Wang, the Wall Road 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 mentioned.

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

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

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

Based on interviews with a number of folks 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 below some regulatory oversight by way of the handfuls of licenses it picked up through its many acquisitions. However that didn’t defend its clients and traders, 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 hundreds of thousands to the beleaguered alternate.

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

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