New CEO of FTX: post-bankruptcy is a series of “hell” days in the room

John Ray said that since he took over FTX, there has been a major disruption related to fund information, insurance and personnel at the exchange.

Mr. John Ray III, who took over as CEO of the FTX exchange, described the company’s post-bankruptcy streak as chaotic.

According to testimony in Delaware County (USA) bankruptcy court on February 6, Ray said that he and other experts investigated FTX carefully because the company did not have a physical office.

FTX’s CEO also opposed the appointment of an independent bankruptcy expert, along with the argument that “one mistake can cause hundreds of millions of dollars in losses.”

According to Ray, since taking office, it seems impossible to find a single list that completely mentions bank accounts, income, insurance or company personnel. But since then, he has helped complete bankruptcy proceedings under Chapter 11 and effort money to the customer. Ray says:

“This is something I have never encountered before. Those hacks went on most of the night and I had 48 hours of hell on earth.

New CEO says he has no connections to former leaders of the exchange, including Alameda Research CEO Caroline Ellison, FTX co-founders Gary Wang and Sam Bankman-Fried, or his parents before taking over of society. . Mr. Ray said any leadership under Bankman-Fried no longer has any authority over FTX.

He had previously disclosed to the court that an hour of his service at FTX was paid $1,300. Ray worked 75 hour weeks for the first few months, including the Christmas holidays.

As our readers know, FTX is currently completing bankruptcy proceedings. Legal team representing debtors asked to issue a subpoena for information and documents from the Bankman-Fried family on January 1st.

The above information comes from a court request to appoint an independent bankruptcy assessor. This is responsible for the transparency of the procedure.

However, this isn’t the first time John Ray III has expressed disgust or exposed FTX’s weakness. Despite his seniority in handling many corporate bankruptcies in the United States, the new chief executive said he has never encountered a case so serious.

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