Constance Wang Says She Saw FTX’s $8 Billion Funding Gap

Constance Wang, FTX’s former chief operating officer, said she first saw a spreadsheet showing a funding gap of about $8 billion during an overnight crisis meeting in November 2022.

Earlier that day, Wang said, she was tasked with reassuring FTX’s largest customers. The exchange faced roughly $6 billion in withdrawals over three days. The pressure followed Binance CEO Changpeng Zhao’s announcement that he planned to sell FTX’s token, FTT.

Wang joined FTX in early 2019 as one of its first employees and later became chief operating officer. She briefly served as co-CEO during the exchange’s final months.

Wang also said her personal holdings in FTX once exceeded $1 billion. After the collapse, she said, their value had fallen to about $80,000.

She co-founded Pacifica in 2025. Pacifica had monthly trading volume of $10 billion as of October 2026.