The latest on FTX, John Ray III, and his attempts to pacify the ongoing outrage

On 28 November, bankrupt cryptocurrency exchange FTX announced that it will “resume conventional” cash payments, salaries, and benefits to its remaining staff members worldwide. The announcement was made by John Ray III, the newly appointed CEO of FTX.

The insolvency expert worked to assist FTX and its 101 related entities (FTX debtors) as they navigate the U.S. Bankruptcy Court in Delaware.

The CEO stated,

“With the Court’s approval of our First Day motions and the work being done on global cash management, I am pleased that the FTX group is resuming ordinary course cash payments of salaries and benefits to our remaining employees around the world.”

Are things looking better for FTX now?

The declaration was made about ten days after FTX’s debtors submitted a motion to the Delaware bankruptcy court on 19 November. Furthermore, the petition asked for pre-petition benefits and compensation to workers and contractors. However, it excluded payments to Caroline Ellison, Gary Wang, Nishad Singh, and former CEO and founder Sam Bankman-Fried.

Additionally, according to Ray, the company made these payments to maintain business operations—within the Bankruptcy Court’s approved limits.

Ray also praised the firm’s staff and foreign contractors for their support. Furthermore, he acknowledged the financial difficulties that the delay had caused.

“We recognize the hardship imposed by the temporary interruption in these payments and thank all of our valuable employees and partners for their support.”

John Ray III’s continued efforts

Ever since taking over FTX, Ray has attempted to separate the organization from its founder. He even publicly stated that Bankman-Fried had no connections to the business anymore.

On 22 November, FTX Trading declared that all “First Day” motions for issues connected to its bankruptcy petition on 11 November were given interim and final clearances. At the time, he anticipated that the motions would expedite the FTX debtors’ attempts to compensate other parties who had been harmed by the trading platform’s failure.

This included users and creditors. Ray also noted that the new CEO suggested that a potential buyout of FTX’s assets could be helpful to stakeholders.

This article first appeared on AMBCrypto

Here’s How To Stay Up To Date On Crypto With CRU News Desk!

For the best exchanges, check out our top exchange guide. 

Sign up for our bi-weekly newsletter for news and exclusive analysis.

Follow CRU News Desk on Twitter for our latest articles and Twitter exclusive threads.

Secure your crypto with Ledger and Trade your way to victory with help from LuxAlgo

Learn about Bitcoin, Ethereum, and so much more at the CryptosRus Academy.

Stay up to date with George on Tik Tok, Instagram, and his brand new clips channel.

Source link

Related posts

Flustered Bitcoin investors could expect a quiet start to the week thanks to…

Elaine Watlington

CNN Is Shutting Down Its NFT Marketplace, Accused Of Rug Pulls

Elaine Watlington

Most Popular Games to Play in Crypto Casinos

Elaine Watlington

Another Global Forex Giant Launches Crypto Trading Services  

Elaine Watlington

Bitcoin Turns 14: Genesis Day and Satoshi’s Idea of Monetary Sovereignty

Elaine Watlington

Not Your Keys: Monthly Bitcoin Exchange Outflows Reach New ATH

Elaine Watlington

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More