Former FTX COO Constance Wang says she learned of the liquidity hole only hours before the public

Wang recalls seeing an $8 billion funding gap spreadsheet at around 3 a.m. in a war room meeting during FTX's November 2022 collapse Constance Wang held one of the most senior jobs at FTX. By her account, she found out the exchange was in serious trouble only hours before everyone else did. Speaking in a Cointelegraph discussion, the former chief operating officer said she first saw evidence of FTX’s liquidity shortfall at around 3 a.m., during a war room meeting in the middle of the November 2022 crisis. The document in front of her showed a funding gap of roughly $8 billion. A spreadsheet at 3 a.m. Wang’s timeline adds a personal layer to one of crypto’s most picked-over disasters. Earlier on that same day, she said, her job was to keep FTX’s VIP clients calm. That assignment came as customers were pulling money at a pace few platforms could survive. FTX faced about $6 billion in customer withdrawals over a 72-hour window. The trigger was an announcement from Binance CEO Changpeng Zhao about selling off FTT, FTX’s native token. When a major holder says it plans to dump it, confidence in the issuer tends to evaporate. So Wang spent part of the day reassuring the platform’s biggest...