Amy Wu, an investor in FTX and head of the company’s venture capital division, FTX Ventures, has resigned from her position.
According to a Nov. 11 story in The Information, Wu resigned as head of FTX Ventures following the announcement that FTX would go ahead with bankruptcy proceedings in the United States. According to his LinkedIn profile, Wu had been working at the FTX Venture offices in the Bahamas since January.
The website of FTX Ventures, along with that of Alameda Research, became inaccessible on November 9 amid the liquidity crisis of its parent company and the breakdown of the deal with Binance. Wu said on Twitter at the time that he was learning about developments affecting the company at the same time as everyone else through social media, and suggested that he update his LinkedIn profile to look for new job opportunities.
Truth. Need to update my linkedin
— Amy Wu (@amytongwu) November 9, 2022
Wu’s resignation followed news that 134 companies associated with FTX Group – including FTX Trading, FTX US and Alameda Research – would file for Chapter 11 bankruptcy in the District of Delaware. Sam Bankman-Fried resigned as CEO in the same announcement, but said that “this does not have to mean the end of business”.
As a $2 billion venture capital fund earmarked for investing in Web3 projects, FTX Ventures backed projects such as LayerZero Labs and acquired a 30% stake in SkyBridge Capital. In August, the company reportedly absorbed Alameda Research’s venture capital operations amid the cryptocurrency bear market. Wu said at the time that the two companies were still operating “at a distance.”
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