FTX’s head of institutional sales resigns, says team was 'completely in the dark' about insolvency

2022/11/11 06:08

According to The Block, Zane Tackett, head of institutional sales at FTX, resigned on Nov. 8. He sent a letter to clients stating that his team was “completely in the dark” about the firm's potential insolvency over the course of this week. “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. “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,” Tackett told The Block, in response to questions about the message. “They were also fooled.” The VIP team struggled to handle withdrawals in the wake of Binance announcing it would sell its stake in FTX's native token FTT. Those headwinds resulted in tensions between FTX leadership and the VIP team, according to several sources.

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