John J. Ray III

FTX on Monday announced that its Chapter 11 bankruptcy reorganization plan will become effective on Jan. 3, 2025. Customer and creditor distributions will be facilitated through partnerships with cryptocurrency platforms Kraken and BitGo. The first round of distributions is expected to occur within...

FTX's (CRYPTO: FTT) debtors have reached a settlement with a Bahamian subsidiary, FTX Digital Markets Ltd. What Happened: The beleaguered crypto exchange is seeking to align bankruptcy proceedings in the U.S. and The Bahamas, ensuring a more streamlined and equitable process for creditors...

FTX (CRYPTO: FTT) management is taking issue with traders and market makers on a principal creditor committee, alleging they are attempting to dominate assets without considering the repercussions for other involved parties. This contention emerged following the release of a preliminary...

Crypto exchange FTX (CRYPTO: FTT) is actively seeking to reestablish its principal international exchange platform. This initiative comes in the wake of the company's turmoil due to allegations regarding the loss of nearly $9 billion of client funds before it crumbled last year. John J. Ray III...

The image that the FTX sought to portray as the customer-focused leader of the digital age was a "mirage," stated CEO and Chief Restructuring Officer of the FTX Debtors John J. Ray III on Monday. FTX Debtors released a report revealing the misuse and intermingling of...

According to a court filing on Tuesday, a Delaware bankruptcy judge has given the go-ahead for Abu Dhabi's investment arm to acquire FTX's assets in Sequoia Capital Fund for $45 million. The sale to Al Nawwar Investments RSC Limited satisfies the restrictions set by U.S. bankruptcy law,...

The group of professionals assigned to the FTX bankruptcy case billed a total of $38 million plus expenses for their services in January. The bankruptcy administrators have hired the law firm Sullivan & Cromwell as their primary counsel, along with Quinn Emanuel Urquhart & Sullivan and...

FTX Trading Ltd. and its affiliated debtors have revealed there are major shortfalls in the fiat bank accounts and digital asset wallets associated with the FTX.com and FTX.US exchanges. The company announced Thursday that it met with the Official Committee of Unsecured Creditors to discuss...

Law firm Sullivan & Cromwell has charged $7.5 million for their services in the FTX bankruptcy case during a 19-day period in November 2022, according to a recent court filing. This prompted a reaction from various parties including U.S. lawmakers, the executive branch, FTX founder...

FTX’s native token FTT (CRYPTO: FTT) soared over 24% in the past 24 hours, after the company’s new CEO John J. Ray III, said that he was exploring ways to revive the defunct exchange that was formerly run by Sam Bankman-Fried.  What Happened: In an interview with The Wall Street...

Former FTX CEO Sam Bankman-Fried has pleaded not guilty to eight charges in a New York federal court, related to the collapse of his exchange and hedge fund Alameda Research, CNBC reported. The charges include conspiracy to commit wire fraud and securities fraud, individual charges of securities...

A U.S. senator is taking aim at the cryptocurrency industry after the exchange platform FTX mishandled billions of dollars worth of customer assets to fund risky trades. What Happened: Sen. Elizabeth Warren, who recently called the crypto industry "smoke and mirrors," is doubling down on...

Crypto analytics company Chainalysis disclosed FTX owes it money in connection with the bankruptcy proceedings for the beleaguered cryptocurrency exchange. Chainalysis was listed as a creditor in filings submitted to the Delaware bankruptcy court on Wednesday, and it requested that any...

Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here, new FTX CEO John J. Ray III said in scathing remarks of the mismanagement at bankrupt cryptocurrency exchange FTX. Ray, who was hired after...