Nikhilesh De / CoinDesk:
Bankruptcy filings: FTX CEO John J. Ray III appoints new directors, discloses conversations with “dozens” of regulators, and estimates creditors at over 1M — FTX filed its first substantive look at the exchange’s bankruptcy process days after declaring bank
Stephanie Murray / The Block:
SBF says John Ray III is not working with him or responding to messages, claims Ray made false statements, and dodges questions on Alameda and loaning funds — – Sam Bankman-Fried is taking aim at John Ray, the new CEO of FTX, claiming he’s been iced out after the firm filed for bankruptcy protection.
Stephanie Murray / The Block:
John Ray III tells the House that FTX has a “paperless bankruptcy” due to an “unprecedented” lack of documentation, FTX and Alameda were not distinct, and more — – New FTX CEO John Ray III said top executives at FTX had “free rein” over the company’s many entities.
Jack Schickler / CoinDesk:
Bankruptcy filings: FTX CEO John J. Ray III, who oversaw Enron, condemns SBF’s “unprecedented” management, describing a “complete failure of corporate controls” — The former FTX CEO’s unconventional style is under the spotlight as bankruptcy professionals pore over the exchange’s collapse.
Eliza Gkritsi / CoinDesk:
Filings: FTX, Alameda, and other affiliates have $1.2B in cash reserves, below the $3.1B owed to the top 50 creditors; Alameda’s reserves are largest at ~$393M — The bankrupt crypto exchange FTX owes around $3.1 billion to its top 50 creditors. — The various divisions …
Nelson Wang / CoinDesk:
Filings: Block.One and its CEO Brendan Blumer buy a 7.5% and 9.3% stake, respectively, in crypto bank Silvergate Capital, making Blumer its largest shareholder — The purchase makes Brendan Blumer the largest holder of Silvergate Capital. — Brendan Blumer, the founder and CEO of EOS developer Block.One …
Nikhilesh De / CoinDesk:
SBF says FTX had ~$60B in collateral in spring 2022, but a credit squeeze, market selloff, and “run on the bank” reduced it to $9B ahead of the bankruptcy — The former FTX CEO did not address concerns about customer funds being misappropriated or other recent revelations about the company.
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