The Lowdown, Old Chap:
- 🚨 At least 10 senior bods have made a swift exit from crypto prime broker FalconX, sources reveal. One does hope the door didn’t hit them on the way out.
- 👋 The departed include the European head (Tommy Doyle, a chap who clearly values his freedom), head of credit (no more extending those lines, eh?), the general counsel (no more lawyerly advice, it seems), and the global chief compliance officer (because who needs rules, anyway?).
Crypto prime broker FalconX, self-proclaimed largest and most reliable digital assets prime brokerage (modest, too), has been experiencing a spot of bother – a senior staff exodus of rather impressive proportions, if sources are to be believed.
Among the fleeing throngs was none other than Tommy Doyle, the erstwhile European head, who has apparently decided that life outside FalconX’s walls is far more appealing. One wonders what prompted this sudden change of heart… 🤔
The global chief compliance officer, general counsel, and head of credit have also bid adieu, according to those in the know (who, naturally, wished to remain anonymous, because secrets are so last season). Not to be outdone, two traders joined the great escape, because who needs a job in crypto, really? 🚀
Sources close to the matter (there’s that phrase again, how delightfully mysterious!) suggest the total number of departures – a mix of voluntary and involuntary goodbyes, one assumes – hovers between 10 and 15. Quite the going-away party, if you will.
When queried, a FalconX spokesperson offered this gem: “Our headcount approximately doubled last year, and we continue to grow. We do not comment on personnel matters.” Ah, the classic “we’re growing, but don’t ask about the people leaving” approach. 🙄
Mr. Doyle, when approached, maintained a dignified silence – a wise move, considering the circumstances. After all, discretion is the better part of valor, especially when one’s LinkedIn profile is about to get a significant update. 😊
For the uninitiated, prime brokers are the backbone of financial markets, providing trading, financing, and custody services to large institutions. Because managing one’s own money is so passé.
This recent wave of exits follows the departure of Brian Strugats, FalconX’s head of trading, who, as CoinDesk reported, left after more than three years of service. One hopes he’s enjoying his newfound freedom in the Big Apple.
FalconX, for those not in the know, is a crypto firm founded in 2018 with a valuation of a cool $8 billion as of mid-2022. Because what’s a few billion between friends, eh?
As of February 2023, the company boasted 243 employees, according to PitchBook data. Minus a few, of course. 📉
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2025-03-26 03:08