The FTX bankruptcy process has begun, led by the company’s new CEO, John Ray. After Sam Bankman-Fried, founder and former CEO of the company quit from duties and position, Ray took over the reins of the failed company.
In the past, Ray led other companies through their bankruptcy and liquidation processes, including energy behemoth Enron. The current FTX CEO has decades of experience in the area, but he was still shocked by the state of the crypto exchange platform upon his arrival.
FTX Loses Billions In Users’ Funds, New CEO In Disbelief
According to a declaration filed with the U.S. Bankruptcy Court for Delaware, Ray recounted his experience with other failed companies, with entities linked to criminal activities, and more. However, the FTX CEO believes this case might be the worst he has witnessed in his career. Ray…
