A spokesperson for FTX revealed that the bankrupt crypto exchange has fired Co-Founder Gary Wang, CTO Nishad Singh, and Alameda’s CEO Caroline Ellison.
According to the Wall Street Journal’s report, the officials were fired following John J. Ray III’s appointment as the new CEO of FTX.
Before FTX filed for Chapter 11 bankruptcy, the three executives comprised the board of Future Fund together with Sam Bankman-Fried.
In a recent interview with Vox, Sam Bankman claimed that the FTX debacle could have become manageable had he avoided filing for Chapter 11 bankruptcy. He added that FTX could be saved if “EITHER Gary or Nishad [came] back” to the firm.
It is worth noting that on November 9, Ellison admitted that she and the other executives knew about the decision to send users’ funds to Alameda to help the firm meet its liabilities.
Furthermore, a recent court filing revealed that the firm’s top officials, including Sam Bankman, received $4.1B loans from Alameda Research. Sam also received $300M out of the $420M raised by FTX's funding round in October 2021.
