According to a spokesperson for cryptocurrency exchange FTX Company, which recently applied for bankruptcy court protection in the US, three of its top executives have been fired, including co-founder Gary Wang, the Wall Street Journal reported on Friday.
According to the publication, Caroline Ellison, who oversaw FTX’s trading division Alameda Research, and engineering director Nishad Singh were the other executives let go.
A request for comment from Reuters was not immediately answered by FTX.
Last week, the cryptocurrency exchange sought bankruptcy protection, and former Wall Street trader Sam Bankman-Fried quit as CEO when the competing exchange Binance backed out of a planned takeover.
Read More; FTX has $1BN Client funds missing
More than 100,000, and perhaps over 1 million, creditors are involved in bankruptcy procedures in the US for several FTX group entities.
Interviews with numerous people close to Bankman-Fried and previously unreported company communications revealed that the company had been covertly gambling with customer funds to support a trading firm controlled by Bankman-Fried, which ultimately caused the collapse of the business.
Through the numerous licences it acquired through its several acquisitions, the firm has come under some regulatory scrutiny. But that did not shield its investors and customers, who are now facing losses in the billions of dollars.