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The newly appointed Chief Executive Officer of the crypto currency exchange FTX, John Ray, has stated (1) that his time spent at the company thus far is comparable to that of "hell." After the implosion of the FTX in November 2022, Ray takes charge of the stock market and takes control of his activities.
However, The CEO of ftx said, who testified on Monday before the U.S. bankruptcy tribunal for the Delaware district on the company's case, Things might have been more gentle.
Ray continued to disclose information about the condition in which he was the first time he saw the FTX swap. According to the CEO, when he took over ftx late last year, the corporation needed a physical office.
Other than that, there was "not one list of anything," which included everything from income to insurance to bank accounts. According to Ray, predictably, the administration he was supervising immediately took action and began a "huge rush to information."
In addition, FTX CEO John Ray revealed that at one point there was a variety of security alarms in the midst of many efforts to steal cryptocurrency holdings. He said:
"Those hacks continued for the better part of the whole night [...] Forty-eight hours have passed from what I can only describe as horror on earth.
Ray also asked if he had any interactions with any of the former executives who worked on the exchange prior to his being supported. He said he'd never met anyone, including the current CEO of Alameda Research, Caroline Ellison, the co-founder of ftx gary wang, or Sam Bankman-fried, the previous CEO.
Regarding Appointment of an Independent Examiner in the Bankruptcy Case
Meanwhile, it is possible that it is important to bring out that Ray's incriminating evidence came in response to a motion filed by the Office of the United States Trustee claiming that the court needs to appoint a neutral examiner.
The office of the syndic of the United States, juliet sarkessian, said a neutral reviewer would be open to bankruptcy proceedings, and the reviewer is expected to report publicly in the future.
The CEO of FTX has a problem with that for one reason or another. Ray says he hired experts who are currently investigating ftx's operations. In addition, he believes that appointing an impartial investigator could jeopardize the efforts of the group.
On top of everything else, He says such a change could lead to unintended mistakes, that can result in other losses of value up to "hundreds of millions of dollars."
During the hearing that took place on February 6, Judge John Dorsey did not decide on the motion. Instead, he asked lawyers on both sides to engage in a conversation to find a "consensus resolution" to the issue of an impartial reviewer.
