FTX Fires Sam Bankman-Fried’s Top Execs

The collapsing cryptocurrency company FTX fired three executives on Friday, all deputies appointed by disgraced former CEO, Sam Bankman-Fried, as the company deals with bankruptcy and restructuring under the new leadership of John J. Ray.

The Wall Street Journal reports that those fired were director of engineering Nishad Singh, co-founder Gary Wang, and CEO of Alameda Research, Caroline Ellison, who was in an on-again, off-again relationship with Bankman-Fried within a 10-person polyamorous “polycule.” 

Bankman-Fried, Singh, and Wang are all “under supervision” in the Bahamas after the trio reportedly were planning on fleeing to Dubai. Authorities announced last week they intend to extradite Bankman-Fried back to the US.

$2 billion of FTX customer funds inexplicably vanished last week. At the same time, Bankman-Fried had a personal net worth of around $16 billion, but that reportedly has diminished by 94 percent. He resigned from his position on November 11.

Bankman-Fried and his deputies are alleged to all have known that FTX was transferring customer’s monies to Alameda to cover a gap in their funding.

In an unhinged interview for Vox, Bankman-Fried blamed his personal and FTX‘s downfall on Ellison and he said he “thought Alameda had enough collateral to reasonable cover it” in reference to his funneling large sums of money from FTX to Alameda.

In a court filing on Thursday, Ray said FTX collapsed due to “the concentration of control in the hands of a very small group of inexperienced, unsophisticated and potentially compromised individuals.”

“I was delegated all corporate powers and authority under applicable law, including the power to appoint independent directors and commence these Chapter 11 cases on an emergency basis,” Ray added.

Bankman-Fried and his four deputies were part of a board they called the “Future Fund,” an activist arm of “Effective Altruism,” a philosophy to which Bankman-Fried was pledged. This movement originated out of Oxford and is a red herring for the form of socialism that overtook elite plutocrats and technocrats pledged to leftist causes who found fertile soil for wealth in the tech sector. 

Bankman-Fried is the second biggest Democrat donor, making $39.8 million in donations, which puts him just behind George Soros and his $128 million in donations, for the 2021-22 cycle. Further, details recently emerged that FTX had partnered with Ukraine to process donations to their war efforts within days of Joe Biden pledging billions of American taxpayer dollars to the country.

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