The former FTX boss is still trying to find funds

The former FTX boss is still trying to find funds to pay off crypto exchange debt

The suspended former CEO of crypto exchange FTX Sam Bankman-Fried (Sam Bankman-Fried) said he has not given up on saving the company, which has entered bankruptcy proceedings. Now he’s trying to secure a multi-billion dollar deal that will help in this matter.

In conversation with journalists CNBC The businessman refused to reveal new details about the collapse of his cryptocurrency empire. However, he noted that he is now working hard to return funds to clients: According to him, in the countries for which separate accounts are kept (including the United States), there are billions of dollars of client assets left over and there is an opportunity to meet creditor requirements.

Crypto exchange FTX filed for bankruptcy on Nov. 11, and veteran liquidation specialist John Ray III became the company’s new CEO. Despite being cut off from company email and other company resources, Sam Bankman-Fried continues to argue that he can now make bankruptcy easier. His willingness to participate has been confirmed by some of the investors he has already attempted to negotiate funding with, although there are doubts that each would be willing to risk their own funds to save FTX.

The new head of the crypto exchange, John Ray III, noted that over the past week he has discovered many solvent FTX subsidiaries that are being conscientiously run by responsible people – all of these companies are going through the crypto exchange bankruptcy case, viz the only independent division was Bahamian FTX Digital Markets, which is not in the organization’s structure, has downstream operations and is already being liquidated by local authorities.

During the liquidation of FTX Digital Markets, the Bahamian authorities seized cryptocurrency assets belonging to the company — according to Elliptic experts, $477 million previously thought to be stolen due to a hack. The crypto exchange’s administration stated that the Bahamian division has no right to transfer funds, calling their withdrawals illegal.

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Robbie Elmers

Robbie Elmers is a staff writer for Tech News Space, covering software, applications and services.

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