--- title: "FTX Exec Vomited in Horror When He Learned the Truth" description: "News of the fact that crypyto exchange FTX was short billions of dollars came as a huge shock to some, with one exec reportedly vomiting." date: "2022-11-17" modified: "2022-11-17" authors: - name: "Victor Tangermann" job_title: "Senior Editor" link: "https://futurism.com/authors/victor" url: "https://futurism.com/the-byte/ftx-exec-vomited-learned-truth" categories: - "Blockchain" - "Future Society" tags: - "cryptocurrency exchanges" - "ftx" - "sam bankman-fried" - "the digest" --- # FTX Exec Vomited in Horror When He Learned the Truth ![News of the fact that crypyto exchange FTX was short billions of dollars came as a huge shock to some, with one exec reportedly vomiting.]() *\Image: Getty Images/Futurism\* ## Sick to the Stomach Cryptocurrency exchange FTX had around 300 staffers around the time it collapsed in spectacular fashion, wiping out $32 billion in valuation in a matter of days. News that the company was short billions of dollars to pay back customers came as a huge shock to some employees, with one executive saying he literally threw up in response, [*The Wall Street Journal* reports](). Many former employees saw their lavish lifestyles in the Bahamas crumble before their eyes and have had to since relocate — a day of reckoning that shook the cryptocurrency exchange industry to its core. "I don’t see anyone’s reasonable questions being answered," Ryne Miller, general counsel of FTX’s US-based arm, wrote in a message to staff, according to the *WSJ*. "Out of respect to all the employees of this company, I think we deserve better given the circumstances." ## Fall From Grace Once known as the "Robin Hood" or "white knight" of the cryptocurrency world, former FTX CEO Sam Bankman-Fried saw his roughly $16 billion net worth [vanish in less than 24 hours](). Now that the dust is only starting to settle, Bankman-Fried has a lot of questions to answer. His exact location is still hazy, while regulators as well as [local Bahamas authorities]() are investigating. For his part, the disgraced former billionaire hasn't felt much remorse, [telling *The New York Times*]() that he's been getting plenty of sleep, adding that "it could be worse." ## Stand Off Others took the news of Bankman-Fried's grievous miscalculations much harder. The co-CEO of the exchange's FTX Digital Markets unit became physically ill and vomited, according to the *WSJ*'s sources. Dozens of employees have since left the now bankrupt company, but since their income was tied up with their own personal FTX accounts, withdrawing funds became impossible. "Not only did it seem they might be out of job, but they also were potentially facing the total loss of their savings," former FTX marketing specialist Nathaniel Whittemore, who quit last week, told the *WSJ*. "All I could think of was rage and white-hot anger." Now Bankman-Fried's inner circle is trying to desperately help him secure funds to repay [potentially over a million customers](). But that could be an uphill battle, given the scale of his former operation — and his shattered reputation. **READ MORE:** [FTX’s Collapse Leaves Employees Sick With Anger]() \[*The Wall Street Journal*\] **More on FTX:** *Crypto Guy Says He's Doing Fine After Losing Billions of Dollars* ## Author I've been at Futurism since 2017, where my role has evolved to encompass design, writing, and increasingly editing. I've always been fascinated by space exploration and advanced transportation, which I've leaned into by interviewing luminaries in those fields while closely following the dimensions of policy and regulation that allow next-generation projects to succeed -- or, sometimes, to fail. I'm also keenly interested in the effects of generative AI on society, policies, and democratic institutions, as well as clean energy, physics and biology, and the vagaries of tech leadership. My work for Futurism has been cited by publications including Ars Technica, Gizmodo, PC Magazine, Jalopnik, Fox News, and the New York Post. I spent my childhood living in locations including Manila, the Philippines, and Geneva, Switzerland, attended McGill University, and now live in Toronto, Canada. Before Futurism I worked at AskMen and a small photography studio. In my free time, I'm an avid gardener, foodie, and craft beer lover, as well as a maker of artisanal hot pepper sauces. I have a magnificent dog named Freida. ### Author social links [Bluesky]()