John Jay Ray III, the new CEO of FTXurged staff to gather during a meeting after last week’s filing for bankruptcy protection.
FTX Restructuring, New CEO Asks Employees for Support at Company Meeting
“We need your support,” Ray told staff, according to attendees.
former billionaire Sam Bankman-Friedcaused the company’s bankruptcy and a billion-dollar hole in its balance sheet.
He resigned from the company after a series of incidents that Bankman-Fried attributed to managerial missteps and former employees to fraud.
Several media outlets reported that Bankman-Fried was also being investigated by the US Securities and Exchange Commission and the US Department of Justice.
Former head of corporate sales Zane Tackett and head of initiatives Amy Wu While most of the exchange’s employees, including the stock exchange, left, a large group of lower and senior personnel remained.
According to those who attended the meeting, the firm has some money to pay salaries, but it is unclear whether it will be able to keep contract workers.
The firm sent out forms to employees to fill out and explain their duties to determine who it would likely fire or stay with.
Salary payments are expected to continue as usual, but Ray warned there could be setbacks.
general counsel of FTX US Ryan Millerwill remain in the company during the transition to bankruptcy and will be the head of external communication.
Miller, who previously served as legal counsel to SEC Chairman Gary Gensler while managing the CFTC, left Sullivan & Cromwell to join FTX in August 2021.
*Not investment advice.
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