Crypto Exchange FTX Fires 3 Top Executives, Report Reveals

According to a Wall Street Journal report on Friday that cited a FTX spokesperson, the troubled cryptocurrency exchange FTX had fired three of its top executives. Gary Wang, co-founder, is one of the top-ranking managers who has been relieved from his duties.

The other two managers who were fired are Nishad Singh, Engineering Director, and Caroline Ellison. Caroline Ellison was responsible for Alameda Research (the trading arm of the exchange), Reuters reported. Reuters noted that it didn’t receive an immediate response from FTX.

FTX, valued at $32 million at its peak in this turbulent year was one of the most important global cryptocurrency exchanges. Several FTX entities applied to the U.S. Chapter 11 bankruptcy protection. According to reports, the group could have more than a million creditors.

After Binance, the largest digital asset exchange in the world, pulled an offer for acquisition, Sam Bankman-Fried, founder of the coin trading platform, was forced to place it under voluntary administration.

Reuters reported that FTX was subject to regulatory oversight in different jurisdictions as a licensed cryptocurrency trading platform. However, this did not provide enough protection for investors and customers who now face losses in the millions of dollars.

The company collapsed and has been the subject of numerous investigations by regulators around the globe, including the United States. Bahamas. Japan. Turkey. Its licenses have been suspended by financial authorities in many countries, including Cyprus and Australia.