As FTX spiralled towards bankruptcy in early November 2022, the inner circle around the crypto exchange’s founder, Sam Bankman-Fried, began to fracture.
Caroline Ellison, chief executive of FTX’s sister firm Alameda Research, was in Hong Kong and expressed relief that she would soon be released from the pressure cooker of the firm’s financial distress. Colleagues at FTX’s headquarters in the Bahamas grew concerned about head of engineering Nishad Singh’s mental health, as the full scale of the losses, and likely consequences, came into focus.
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