Zhe Constance Wang, the former Chief Operating Officer (COO) of the collapsed digital asset exchange FTX, has made a comeback in the cryptocurrency industry. According to a Bloomberg report citing anonymous sources, Wang has joined Sino Global Capital, an Asia-focused crypto venture firm, marking her return to the industry after maintaining a low profile since the collapse of FTX.
Wang’s Background and Role at FTX
During her tenure at FTX, Wang held several key positions, including COO and Co-Chief Executive Officer (CEO) of FTX Digital Markets, the exchange’s Bahamas affiliate. Her responsibilities encompassed various aspects of the company’s operations, such as driving global user growth, managing partnerships, public relations, marketing, institutional clients, and expanding into new geographical markets.
While FTX faced numerous challenges that resulted in its collapse, some employees have moved on with their careers.
Notably, Amy Wu, who previously ran FTX Ventures, also landed at Menlo Ventures in June, and according to their website, she joined “to grow the firm’s consumer technology and gaming practice and back founders building new products at the forefront of emerging platform shifts.”
Meanwhile, FTX’s founder, Sam Bankman-Fried, is facing a criminal lawsuit by the U.S. government for alleged fraud, a charge he denies. He is currently facing an array of charges from multiple regulators and is under house arrest, awaiting trial.
The exchange, which had a January 2022 valuation of $32 billion, applied for bankruptcy protection in the US in November of that same year. When FTX filed the application, it cited its inability to fully reimburse customers who had made deposits on the platform. Following FTX’s bankruptcy, international regulators have stepped up their inspection of the cryptocurrency market.
Recently, the Australian Securities and Investments Commission (ASIC) canceled FTX’s license, effective July 14, 2023. However, as per a Reuters report, the license cancellation does not affect FTX Australia’s membership in the Australian Financial Complaints Authority or its arrangements for compensating retail clients.
Constance Wang’s Role at Sino Global Capital
According to Bloomberg, Wang will be leading the gaming team at Sino Global Capital, as confirmed by Matthew Graham, the Beijing-based investor who founded Sino Global in 2015 and previously worked at China Bridge Capital. Despite Wang’s new role, she has remained silent and has not provided any comments or statements regarding her recent appointment.
