![]() ![]() The exact customer shortfall remains unclear as the bankruptcy team has to wade through a dearth of financial records. exchange would suffer less.Īt a bankruptcy hearing on Wednesday, FTX’s lawyers revealed more than $5 billion in cash and other assets had been recovered over the past two months.įTX also plans to sell off nonstrategic investments that had a book value of $4.6 billion. Speaking to the chances of customers seeing their funds again, he told a panel of U.S. Ray has been optimistic about the likelihood that FTX’s U.S. ![]() He’s painted a picture of FTX as a mismanaged, largely out-of-control company bathed in conflicts and lacking basic accounting practices, calling it the worst failure of corporate controls he’d ever seen. Ray III stepped in as CEO of FTX when the company slid into bankruptcy. Zhao has previously said that he didn’t realize the tweet “would cause so much change.” ![]() He added that “Alameda became illiquid, FTX International did as well, because Alameda had a margin position open on FTX and the run on the bank turned that illiquidity into insolvency.” Outside groups connected to the FTX co-founder spent about $2.4 million to support the congressional campaigns of Robert Garcia and Sydney Kamlager. Other signs that an exchange restart is in the works were detailed in April court filings, where lawyers disclosed a search and on-boarding process for new developers to work on a “restart project plan.California Disgraced crypto exec Sam Bankman-Fried spent big in two SoCal Congress races Incidentally, the final item on Ray’s list of billables was a review and comment on the FTX 2.0 bidder list. Bloomberg reported that venture capital firm Tribe Capital was looking to lead a $250 million fund-raising campaign to restart FTX. Last month, FTX’s lead bankruptcy attorney Andrew Dietderich revealed in a court hearing that a potential exchange restart was being considered as part of a reorganization plan that would return assets to creditors.Ī week after Dietderich’s statements, the momentum behind this plan appeared to be building. Likely illegal FTT as an unregistered security subject to every imaginable legal encumbrance… Why would FTX 2.0 “gift” value to a random set of unrelated token holders? Why would legal creditors allow that? B. The token rallied despite the fact that several industry watchers have asserted that FTT will likely have no connection with a restarted FTX.Ģ/ why? A. The document also suggests that Ray has been in constant communication with investment bank Perella Weinberg Partners LP regarding the 2.0 reboot plan over the last weekend.įTX’s native token FTT gained as much as 15% on Monday but had retreated to a price of $1.08 at the time of writing. Included in this list was a term sheet for structuring the exchange, reviewing the FTX 2.0 next steps summary and finalizing material related to the reboot for distribution. ![]() FeCXOvdrt0įTX CEO John Ray III, in charge of overseeing the bankruptcy proceedings, listed several line items in his billable hours that seemed to imply this was the case. bankruptcy court appears to suggest that a plan to restart FTX has been set in motion.įTX creditors tracking the exchange’s plans to reopen the trading platform pointed to a compensation report filed by the firm’s bankruptcy lawyers which indicated the process was close to being finalized.įTX CEO John Ray III confirms FTX 2.0 plans. ![]()
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