FTX Fires Three Top Executives Including Co-Founder Gary Wang: Report

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

The other fired executives were chief technical officer Nishad Singh and Caroline Ellison, who ran FTX trade arm Alameda Research, the newspaper said.

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

The crypto exchange filed for bankruptcy protection last week and former Wall Street trader Sam Bankman-Fried stepped down as chief executive after the rival exchange exchanges walk away from an acquisition proposal.

U.S. bankruptcy proceedings involve many FTX group companies with more than 1,000,000 and possibly more than 1 million creditors.

According to interviews with several people close to Bankman-Fried and previously unreported company communications, the company secretly took risks with clients’ funds to support a company commercial property owned by Bankman-Fried, leading to the company’s downfall.

The company has come under some regulatory scrutiny through the dozens of licenses it has received through numerous acquisitions. But that did not protect their customers and investors, who are now facing losses totaling billions of dollars.

Since then, a number of crypto companies have been bracing for the fallout of FTX, with many estimating their exposure to the beleaguered exchange to be in the millions.

© Thomson Reuters 2022

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