According to reports, FTX has fired three top executives, including co-founder Gary Wang.

Kutl Ahmedia

The Wall Street Journal reported on Friday that cryptocurrency exchange FTX, which recently filed for US bankruptcy court protection, had fired three of its top executives, including co-founder Gary Wang, citing an FTX spokeswoman.

According to the newspaper, the other executives fired were engineering director Nishad Singh and Caroline Ellison, who ran FTX's trading arm Alameda Research.

FTX did not immediately respond to a request for comment from Reuters.

Multiple FTX group companies are involved in the US bankruptcy proceedings, with over 100,000, and possibly over one million, creditors.

According to interviews with several people close to Bankman-Fried and previously unreported company communications, the company was secretly taking risks with customer funds to prop up a trading firm owned by Bankman-Fried, which led to the company's demise.

The dozens of licenses obtained through its numerous acquisitions had brought the company under regulatory scrutiny. However, this did not protect its customers and investors, who are now facing billions of dollars in losses.

Several crypto firms have since braced for the fallout from the FTX collapse, with many counting their exposure to the beleaguered exchange in the millions.


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