FTX fires founder's top deputies
Updated 3 weeks ago
FTX's new CEO John Ray is cleaning house at the top, per The Wall Street Journal. Ray, who previously oversaw Enron's bankruptcy proceedings, has fired former CEO Sam Bankman-Fried's top deputies: FTX co-founder and chief technology officer Gary Wang, engineering director Nishad Singh, and Caroline Ellison, CEO of trading arm Alameda Research. Ray criticized the "complete failure of corporate controls" at FTX and Alameda after both acknowledged that FTX lent billions of dollars in customer assets to Alameda to cover a funding hole, setting up the collapse of Sam Bankman-Fried's crypto empire.
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