Crypto company FTX fired top executives: Co-founder has already resigned

Bankruptcy cryptocurrency exchange FTX has fired some top executives. These include co-founder Gary Wang, engineering director Nishad Singh and Caroline Ellison. Nishad and Caroline used to run Alameda Research, the trading arm of FTX. The Wall Street Journal has published a report regarding this.
On a November 9 video call with Alameda employees, Ellison said she, along with Bankman-Fried, Wang and Singh, knew that FTX client funds had been transferred to Alameda Research for trading.
Bankman-Fried, who launched FTX, resigned on November 11 after FTX filed for bankruptcy. After this, John J. Ray was made the CEO in his place.
Earlier, the $16 billion wealth of Sam Bankman-Fried, co-founder of FTX Trading Limited, had gone to zero in just a few days. At one point Sam Bankman's net worth reached $26 billion. The reason for the decline in net worth is the bankruptcy of FTX Trading Limited following a liquidity crunch.
FTX was the second largest affiliated crypto trading company in the world. FTX Trading Limited, which came under a liquidity crunch (financial crisis) due to financial disturbances, has gone bankrupt. According to a report by the news agency Reuters, Sam Bankman-Fried secretly transferred customer funds worth $10 billion from FTX to Alameda. Almeida used this fund for trading.
Crypto publication CoinDesk published a report on a leaked balance sheet when the firm suffered huge losses in trading. The turmoil began at FTX after this report surfaced. FTX received an estimated $6 billion in withdrawal requests in three days. FTX suddenly got into a liquidity crunch with so many withdrawal requests that means it was not in a position to process the withdrawal requests. After this, he put a request to be bankrupt.