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Crypto Exchange FTX Fires 3 Senior Executives, Report Reveals CryptoBlog

Three high-ranking executives of crashed cryptocurrency exchange FTX have reportedly been fired. Among them is one of the co-founders of what was one of the largest trading platforms in the industry, which is currently undergoing bankruptcy proceedings in the US court system.

3 FTX executives lose their jobs, spokesperson quoted

Struggling cryptocurrency exchange FTX has fired three of its top executives, according to a Wall Street Journal report on Friday, citing an FTX spokeswoman. One of the high-ranking managers who was removed from his position is co-founder Gary Wang.

Engineering director Nishad Singh and Caroline Ellison, who was responsible for Alameda Research, the exchange’s trading arm, are the other two directors fired, Reuters detailed, noting that it did not receive an immediate response. to a request for comment from FTX.

Estimated at $32 billion At the start of this turbulent year, FTX was among the world’s largest cryptocurrency exchanges. On November 11, several FTX entities deposit for Chapter 11 bankruptcy protection in the United States. It has been reported that the group may have over a million creditors.

The coin trading platform was placed into voluntary administration and founder Sam Bankman-Fried stepped down as chief executive last week after Binance, the world’s leading digital asset exchange, withdrew a proposed acquisition.

FTX had become subject to regulatory oversight as a licensed crypto trading platform in various jurisdictions, but this did not provide sufficient protection to its clients and investors who are now facing multi-billion dollar losses. , noted Reuters.

Since its collapse, the company has become the target of multiple investigations by regulators around the world, including in the United Statesthe Bahamian, Japanand Turkey. The financial authorities of a number of countries, Cyprus at Australiasuspend its licenses.

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Do you think more FTX executives will be laid off? Share your expectations and thoughts on the subject in the comments section below.

Lubomir Tassev

Lubomir Tassev is a tech-savvy Eastern European journalist who loves Hitchens’ quote: “Being a writer is who I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

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