FTX CEO Mulls Reboot of Troubled Crypto Exchange, Per Court Doc

FTX CEO Mulls Reboot of Troubled Crypto Exchange, Per Court Doc

Newly filed court documents suggest FTX CEO John J. Ray III is considering restarting the bankrupt exchange’s operations, with indications of his involvement in activities centered on an FTX reboot.

Newly filed court documents suggest FTX Trading Ltd CEO John J. Ray III is seeing as restarting the bankrupt exchange’s operations.

In April, Ray appeared to take part in numerous activities centered on an FTX Trading Ltd reboot, reports by a monthly compensation report filed with the United States Bankruptcy Court for the District of Delaware.

Those activities include descriptions like “Review 2.0 next steps summary from PWP ( buy with purchase),” “Review next steps and comment on FTX Trading Ltd restart,” “Review and finalize 2.0 reboot of exchange material for distribution,” and “Review and comment on 2.0 bidder list,” between others.

The report likewise signifies Ray spent an hour and a half reviewing a work strategy “for exchange fortification” from cyber security company Sygnia.

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All in all, the CEO informed working 223.2 hours in April and billed $290,160 for his efforts.

FTX Trading Ltd 1st shut downin November after the exchange’s native investment collapsed and it was forced to halt customer withdrawals.

Ray, who likewise oversaw the liquidation of the infamous American energy company Enron, took over for disgraced previous CEO Sam Bankman-Fried after the exchange declared bankruptcy.

In his initial filing on the company’s affairs, Ray stated he has never seen a corporate enterprise as mismanaged as FTX.

“Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information as took place here.”

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In January, the Wall Street Journal reported that Ray had establish a task force to find out if restarting the exchange may be a better alternative to selling its assets.

Bankman-Fried faces a slew of charges for allegedly defrauding customers and mishandling billions of dollars worth of their funds, likewise as making illegal political donations. If convicted, he could face greater than 100 years in prison.

Generated Image: Midjourney


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