BlocksInform
John j ray iii won $690k for two months as ftx CEO. Perhaps this is a dream for ordinary people.
He swears this was his worst nightmare. The new ftx president and CEO, jean ray lll, recently appeared before the US bankruptcy court for the Delaware district to share its shares as the now deceased crypto exchange CEO.
In his testimony, he revealed the difficulties he encountered after assuming the role of President and Chief Executive Officer. On his first day as interim CEO, he had to deal with the theft of $650 million from FTX’s wallets through unauthorized transfers.
“On his first day as acting CEO, he faced a $650 million theft from FTX portfolios via unauthorized transfers. Day one as acting CEO, dealing with $650 million stolen from FTX's portfolios through unauthorized transfers." From the first day I was at work, I've been through it all. Those first 48 hours of work were pure hell”
Ray also pointed out that the liquidators at the firm are not experienced enough in crypto assets to fix the problems within FTX. Since my first day of work, I've been through chaos.
Those first 48 hours of work were pure hell”Ray also pointed out that the liquidators at the firm are not experienced enough in crypto assets to fix the problems within FTX.
On the wallet 0x712, liquidators attempted to remove assets from a borrow position on the DeFi protocol @aaveaave.
Analysts to the crypto company arkhan explained what happened in a few words:about the 0x712 portfolio, Executors tried to withdraw assets from a borrowing position on the @aaveaave challenge protocol. pic.twitter.com/rcpkBQ5bYo
— ARKHAM (@ArkhamIntel) January 12, 2023
The lack of corporate controls at FTX also made it difficult to trace the company’s money, as insiders could freely transfer the company’s assets without accountability. Pic.twitter.com/rcpkbq5byo— arkham (@arkhamintel) Jan 12th, 2023The lack of control of the ftx corporation has also made it difficult to track the corporation's money, insiders could freely transfer the assets of the corporation unaccountable. Ray insisted that a founder could easily accept $500 million without being detected. 'Literally, one of the founders could come into this environment, download half a billion dollars worth of portfolios onto a USB stick and go with them.
And there's not going to be any accounting for it,' he said.
John Ray is not in favour of an independent reviewer.
John Ray asked the judge in charge of the case not to intervene in his four-month investigation, Appointing a new independent reviewer would put his or her work at risk. Counsel for FTX, James Bromley, argued that the presence of a new independent reviewer would jeopardize the security of all that has happened and will happen.
