Constance Wang, who helped FTX raise millions of dollars from investors, has left the troubled crypto exchange to join Sino Global Capital, a prominent crypto fund with close ties to FTX’s founder Sam Bankman-Fried.
Wang joined FTX in 2019 as its head of business development and was described as Bankman-Fried’s “right hand” in his fundraising drive, according to a
She reportedly lived in Bankman-Fried’s luxury penthouse in the Bahamas, where the occupants were allegedly engaged in romantic relationships.
Wang was instrumental in securing investments from prominent backers such as Binance, Sequoia Capital, Paradigm, and Coinbase Ventures. She also helped FTX acquire Blockfolio, a popular crypto portfolio tracker app, for $150 million in 2020.
Wang’s New Role at Sino Global Capital
Wang has now joined Sino Global Capital as its head of gaming, according to the fund’s founder and CEO, Matthew Graham. Graham is also a former close confidant of Bankman-Fried, and Sino Global had deep ties to FTX beyond just an equity investment.
According to a recent report by the Financial Times, which detailed all of Alameda’s investments, the Bankman-Fried-affiliated fund put $60 million into Sino Global’s Liquid Value Fund.
An unnamed source told CoinDesk that Sino Global also invested in Alameda’s other funds and projects.
Sino Global is one of Asia’s biggest and most well-known crypto investors, with a portfolio that includes Solana, Serum, The Graph, Terra, and many others. The fund focuses on bridging the gap between China and the global crypto ecosystem.
A troubled time for FTX
Wang’s departure comes at a time when FTX is facing legal troubles and regulatory scrutiny. The exchange filed for bankruptcy protection in the U.S. last month after losing more than $1 billion in customer funds due to flash crashes and liquidations.
FTX is also under investigation by the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) for possible securities and derivatives laws violations.
The regulators are looking into FTX’s relationship with Alameda, its trading arm, and whether they manipulated the market or engaged in insider trading.
FTX’s creditors have subpoenaed Wang, but she has not been accused of any wrongdoing or named in a suit with regard to the collapse of FTX or Alameda.
Sino Global said it “deeply regrets that misplaced trust” put into FTX and reported “mid-seven-figure losses” tied to the exchange. The fund added that it is cooperating with the authorities and seeking legal recourse.
