One of FTX’s top brass jumped ship this week – and he has some things to say about how the platform was run. The company’s executives would indeed have been in the dark about the solvency problems of the trading platform.
A senior FTX executive speaks out on the case and the company’s management
Our colleagues at The Block have obtained a message sent to clients by Zane Tackett, the head of institutional sales at FTX. He announces his resignation – effective November 8 but revealed yesterday – and explains why. Tackett claims that top FTX executives were totally uninformed of the company’s financial situation:
“First of all, I would absolutely like to clarify that we left the VIP team completely in the darkand that she was in no way aware that FTX was insolvent, or that the clients’ assets were not backed by the 1:1 ratio.»
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A statement which tends to confirm a recent revelation : According to sources close to the case, Sam Bankman-Fried transferred funds belonging to clients in order to save Alameda Research, which was in financial difficulty.
Zane Tackett in particular regrets that his team told his clients that FTX was not in danger, because no one knew that was not the case. VIP Sales Managers have had difficulty managing their customers’ withdrawalswho wanted their funds back earlier this week as the case broke.
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And the consequences go very far. For example for the Blockfi platform, exposed to FTX, which announced yesterday that it could not continue to provide its usual services. Several large companies announced their exposure to the FTTthe cryptocurrency of FTX, and it is likely that we do not yet know all the links between these and the fallen platform.
👉 To read – Japan, United States, Europe… Regulators of all persuasions begin to crack down on FTX
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Source: The Block
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Journalist at Cryptoast, I fell into the pot of cryptocurrencies a few years ago. I am passionate about the innovative technologies that stem from the blockchain and I like to find the most crispy information to share with you.
Marine Debelloir
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