CJ – Crypto Speculator
Three of Sam Bankman Fried's assistants have been fired by the current administration of the insolvent FTX cryptocurrency exchange.
Gary Wang, Nishad Singh, and Caroline Ellison were sacked by FTX, according to a Wall Street Journal (WSJ) story. These three held the positions of chief technology officer, director of engineering, and trading specialist at the Bitcoin exchange, respectively. Notably, Caroline Ellison oversaw the trade, and Gary Wang was one of the FTX exchange's founders. Bankman-Fried also stepped down as CEO when FTX filed for Chapter 11 bankruptcy restructuring earlier in November, handing the reins of authority to businessman John J. Ray. According to the bankruptcy petition, Ray reportedly stated: “I was granted all corporate rights and authority under relevant law, including the capacity to choose independent directors and start these Chapter 11 lawsuits immediately.”
The FTX collapse, according to the new CEO, was caused by the concentration of power in the hands of a small group of incompetent and dishonest individuals. According to a recent report from WSJ, who cited financial records from the firm, Bankman-Fried reportedly sold a $300 million interest in the business after the crypto exchange's launching round last year. When Temasek and Tiger Global contributed $420 million to FTX's financing effort in October 2021, the Bitcoin exchange was valued at $25 billion. The former CEO told investors that the $300 million he spent from the firm stake was part of the money he had used to purchase Binance's interest in FTX a few months earlier.
Crypto firms are prepared for the effects of FTX's crash, with many putting their exposure in the millions.
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