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StrategyJanuary 25, 2023·1 min read
FTX's New CEO Aims to Salvage Lost Funds Amid Bankruptcy
John Ray, the new CEO of FTX, is looking into the possibility of keeping the platform going. A team has been set up to attempt to 'recover more value' for people who lost their investment on the bankrupt crypto exchange.
FTX's Bankruptcy and Missing Funds
FTX was worth as much as $32 billion last year but filed for bankruptcy protection in November with more than $8 billion missing. Former CEO, Sam Bankman-Fried, has been accused of defrauding customers and investors to pay debts incurred by his other company, the hedge fund Alameda Research.
John Ray's Experience and Plans
John Ray has over 40 years of experience in corporate finance, including overseeing the bankruptcy of US energy giant Enron. He publicly criticized the way the FTX was run, calling it a 'complete failure of corporate controls.' The Wall Street Journal reported that he is now working on resurrecting the crypto exchange instead of liquidating all of its assets.
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