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Three senior executives of the failed cryptocurrency exchange FTX have reportedly been dismissed. Among them is one of the co-founders of what was one of the industry’s largest trading platforms, which is currently undergoing bankruptcy proceedings in the US court system.
Troubled 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 executives relieved of duties is co-founder Gary Wang.
Engineering director Nishad Singh and Caroline Ellison, who was in charge of Alameda Research, the trading arm of the exchange, are the other two dismissed executives, Reuters detailed, noting that they did not receive an immediate response to a request for comment from FTX.
Valued at $32 billion at the start of this turbulent year, FTX was among the largest global cryptocurrency exchanges. On November 11, several FTX entities filed 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 put into voluntary administration and founder Sam Bankman-Fried stepped down as CEO last week after Binance, the world’s leading digital asset exchange, withdrew an acquisition proposal.
FTX had been subject to regulatory oversight as a licensed crypto trading platform in various jurisdictions, but that did not provide sufficient protection for its customers and investors who are now facing losses in the billions of dollars, Reuters noted.
Since its collapse, the company has become the target of several investigations by regulatory agencies around the world, including in the United States, the Bahamas, Japan and Turkey. Financial authorities in a number of countries, from Cyprus to Australia, are suspending the licences.
Do you think more FTX managers will be fired? Share your expectations and thoughts on the subject in the comments section below.
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