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FTX's new CEO, John Ray, takes a cool stance on SBF's erratic tweets

Published on

January 17, 2023
Read Time:1 Minute, 23 Second

The brand new CEO and chief restructuring officer for bankrupt cryptocurrency alternate FTX, John Ray, has responded icily to former CEO and founder Sam Bankman-Fried's erratic string of tweets.

The official FTX Twitter account tweeted a press release from Ray on Nov. 16, addressing Bankman-Fried's current public statements and reiterating that he has "no ongoing function in [FTX]FTX US or Alameda Analysis Ltd. and doesn't communicate on their behalf.”

(3/3) Mr. Bankman-Fried has no ongoing function at @FTX_OfficialFTX US or Alameda Analysis Ltd. and doesn't communicate on their behalf.

– FTX (@FTX_Official) November 16, 2022

On November 14, Bankman-Fried began a bizarre Twitter thread that -- over the course of about 40 hours -- ended up stating "What HAPPENED" in 9 tweets, then claiming he is assembly with regulators and eager to "do it immediately with clients." ."

After that, on November 16, he started detailing the funds and leverage of FTX and its sister buying and selling agency Alameda Analysis, claiming that FTX's leverage was round $13 billion, not $5 billion as he initially thought.

Associated: Tom Brady and different celebrities named in school motion lawsuit towards FTX

FTX's downward spiral started in early November with a collection of occasions that ultimately led to the alternate and its roughly 130 international subsidiaries submitting for Chapter 11 chapter in the USA on November 11.

John J. Ray III assumed the place of CEO on November 11 with FTX's chapter filings. He's recognized for beforehand overseeing the chapter of former fraudulent vitality large Enron, which was value round $63.4 billion and was the biggest company chapter in US historical past on the time.

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Azeez Mustafa
Azeez began his FinTech career path in 2008 after growing interest and intrigue about market wizards and how they managed to become victorious on the battlefield of the financial world. After a decade of learning, reading and training the ins and outs of the industry, he’s now a sought after trading professional, technical/currency analyst and funds manager – as well as an author.
Last Updated : January 17, 2023
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