Crypto Exchange FTX Fires 3 Top Executives, Report Reveals – Exchanges Bitcoin News

Crypto Exchange FTX Fires 3 Top Executives, Report Reveals – Exchanges Bitcoin News

  • Bitcoin
  • November 19, 2022
  • No Comment
  • 5

Three high-ranking executives of 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 in bankruptcy proceedings in the U.S. court system.

3 Members of FTX Management Lose Their Jobs, Spokesperson Quoted

Troubled cryptocurrency exchange FTX has fired three of its top executives, according to a report by the Wall Street Journal on Friday, citing an FTX spokeswoman. One of the high-ranking managers that has been released from duties is co-founder Gary Wang.

Engineering Director Nishad Singh and Caroline Ellison, who was responsible for Alameda Research, the trading arm of the exchange, are the other two dismissed managers, Reuters detailed, noting it did not receive immediate response to a request for comment from FTX.

Valued at $32 billion at the beginning of this turbulent year, FTX was among the largest global cryptocurrency exchanges. On Nov. 11, several FTX entities filed for Chapter 11 bankruptcy protection in the U.S. It has been reported the group may have over a million creditors.

The coin trading platform was placed under voluntary administration and founder Sam Bankman-Fried resigned as chief executive last week after Binance, the world’s leading digital asset exchange, withdrew an acquisition proposal.

FTX had become 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 multiple 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 its licenses.

Tags in this story
administration, Bankruptcy, bankruptcy protection, co-founder, Company, Crypto, crypto assets, crypto exchange, Cryptocurrencies, Cryptocurrency, Exchange, Executives, fired, founder, ftx, FTX Group, Group, Investigations, licenses, managers, Suspensions, trading platform

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

Lubomir Tassev

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

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Source link

Related post

Why is Bitcoin Crashing? 3 Reasons Why BTC is Headed Towards $10,000

Why is Bitcoin Crashing? 3 Reasons Why BTC is…

Crypto tycoon Mike Novogratz predicted in early January that 2022 will be a difficult year for cryptocurrency investors. “This will be…
Bitcoin Price and Ethereum Down 5% amid China Lockdown

Bitcoin Price and Ethereum Down 5% amid China Lockdown

The leading cryptocurrency, Bitcoin, failed to break a descending triangle pattern and fell over 3% to $16,160 amid an increased level of…
Singapore comes top for cryptocurrency businesses in latest business report, says

Singapore comes top for cryptocurrency businesses in latest business…

DUBLIN, Nov. 28, 2022 /PRNewswire/ — On a comprehensive number of business ranking categories, Singapore leads the pack as the world’s…

Leave a Reply

Your email address will not be published.