Former FTX COO Constance Wang says mainstream media wrote false articles about the FTX collapse to attract attention
Former FTX Chief Operating Officer (COO) Constance Wang said on Cointelegraph’s Chain Reaction X Spaces program that many mainstream publications wrote lies and false articles about the FTX collapse solely to gain more attention and views.
She pointed out that at the time, many employees, including herself, were not sure whether these reports were true, but it later proved that many of the claims were indeed false.
Wang joined FTX in 2019, once served as the exchange’s COO, and later served as co-CEO of FTX Digital Markets; FTX collapsed in November 2022 after customer funds were misappropriated.
Original source:
Title: Former FTX COO @ConstanceWaing says that the major publications weren't always being truthful to you about the FTX downfall. Publisher: Cointelegraph Publication date: 2026-10-29 URL：https://x.com/Cointelegraph/status/2115677666246312042 Nature of source: media original post (including video clip) Verification status: this reading reviewed the video subtitles and visuals, verification date 2026-10-28 Supporting content: Wang’s specific statements on the truthfulness of mainstream media reporting on the FTX collapse during the program
ABAB AI Insight
Constance Wang joined FTX early on and was responsible for operations and global business expansion, making her one of the exchange’s core operational figures from its start through its peak period. She worked with Sam Bankman-Fried for many years, but later made clear that she was not aware of the core mechanism by which customer funds were transferred to Alameda Research. The U.S. Department of Justice investigated her for about a year, but in the end did not indict her or ask her to testify.
After the collapse, Wang co-founded the crypto trading platform Pacifica in early 2025. The platform started as a Solana-based perpetuals DEX and planned to add AI features; she made clear that the project was entirely self-funded by the founding team and had not raised outside financing, partly because institutional investors were subject to compliance restrictions regarding former executives during the FTX bankruptcy process.
In high-profile collapse events, media preferences for narratives such as internal revelry and management’s private lives stand in clear contrast to the intense work environment described afterward by those involved. Wang’s recent criticism of the Netflix series The Altruists also points in the same direction: she believes the series simplified the事件 into a love story, which did not match her actual observations inside the company.
Her criticism of mainstream media reporting this time is, in essence, a juxtaposition of verifiable internal information gaps after the fact with traffic-driven narrative choices, pointing out that some early reports, without sufficient cross-verification, prioritized a more viral version.
ABAB News · Cognitive Law
In a high-profile collapse, media traffic demand and internal information asymmetry together amplified early narrative bias.
Clarifications from those involved after the fact often can only correct versions that have already spread widely, and it is difficult to change the path by which the initial impression formed.