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Bruce B. Nov 19, 2022
Financial Services News
Last active over 7 days
Last active over 7 days
Cryptocurrency exchange FTX, which recently filed for bankruptcy protection, has fired three of its top executives, including co-founder Gary Wang.

The two other fired executives were Engineering Director, Nishad Singh, and Caroline Ellison, who ran FTX’s trading arm Alameda Research.

The crypto exchange filed for bankruptcy protection last week and former Wall Street trader Sam Bankman-Fried resigned as chief executive after the rival exchange Binance walked away from a proposed acquisition.

The U.S. bankruptcy proceedings involve multiple FTX group companies with more than 100,000, and possibly over 1 million, creditors.

The company had been secretly taking risks with customer funds to prop up a trading firm owned by Bankman-Fried, which led to the company’s collapse.

Several crypto firms have since been bracing for the fallout from the FTX collapse, with many counting their exposure in millions to the beleaguered exchange. Customers and investors, now face losses totaling billions of dollars.

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