Head of institutional sales at FTX says his team was kept in dark

November 11, 2022

Zane Tackett, head of institutional sales at FTX, sent a letter to clients stating that his team was “completely in the dark” about the firm's potential insolvency.

Zane also added that they were also not aware that customer assets were at any point not backed 1:1

Zane also added that they were also not aware that customer assets were at any point not backed 1:1

Zane further revealed that the VIP team also struggled to handle withdrawals in the wake of Binance announcing it would sell its stake in FTX's native token FTT.

Earlier, The Wall Street Journal reported that FTX had lent Alameda Research billions of dollars in customer assets.

FTX has suspended new signups on its platform.

FTX is working with Justin Sun and is only allowing TRX withdrawals, causing its price to trade at 300% premium.