The former head of institutional sales at the FTX revealed many shocking things about the insolvency of the FTX crypto exchange.
FTX exchange became the latest crypto company in this crypto space, which faced a crisis and now there are very less chances for this exchange to come on-line. The whole liquidity crisis arises because of the Binance vs FTX controversy.
On 11 October, The Block reported that Zane Tackett, head of institutional sales at embattled crypto exchange FTX, stepped down from his role on 8 November.
Zane confirmed that he & his team was totally in a dark situation where no one on his team was aware of the potential insolvency of the FTX exchange. In short, the FTX exchange head team or leaders did huge amounts of wrong work without telling other important teams.
“Foremost I would like to make it abundantly clear that the VIP team was left completely in the dark and were in no way aware that FTX was insolvent or that customer assets were at any point not backed 1:1,” he said.
Zane told TheBlock that he was in the dark and he didn’t think that it was good to tell other team members that everything was fine, which was not the reality.
“I wanted to make sure clients didn’t hold ill will towards my team for telling them things are fine when they were also completely in the dark.”
Today, Zane informed his followers that he was cut down fully from the side of the exchange and now he can’t access the official mail sub-account.
These things are showing that FTX is really under a very big downfall, where small decisions & fund support can’t help it to get out of this situation.