John Ray

Sam Bankman-Fried’s legal defense tried to convince a judge “nothing improper or impermissible occurred” last week when the disgraced crypto founder leaked former Alameda Research CEO and on-again-off-again girlfriend Caroline Ellison’s personal diary to The New York Times. The former FTX CEO’s defense says the leaked documents weren’t intended to “discredit a witness,” as the DOJ alleges, but was instead an attempt to respond to a “toxic media environment” he complains constantly casts him as a villain.Sam Bankman-Fried…

FTX has reached an agreement to sell its crypto derivatives platform LedgerX LLC to an affiliate of Miami International Holdings Inc for $50 million, the bankrupt crypto exchange said on Tuesday. FTX will seek U.S. bankruptcy court approval for the sale at a May 4 hearing. "We are pleased to reach this agreement with MIH, which is an example of our continuing efforts to monetize assets to deliver recoveries to stakeholders," FTX CEO John Ray said in a statement. Since filing for bankruptcy in November, FTX has recovered…

Former crypto golden boy Sam Bankman-Fried’s calamitous time at his former exchange FTX was even more haphazard and ludicrous than previously stated. FTX’s latest bankruptcy report filed Sunday adds additional fuel to the still-smoldering questions regarding just how greedy and corrupt its former executives were before the crypto exchange eventually collapsed. Lower Drought Conditions In California | Extreme EarthThe 43-page document shares that there’s a lot of problems trying to get millions of former FTX customers and…

Bankrupt cryptocurrency exchange FTX made transfers of about $2.2 billion to company founder Sam Bankman-Fried through related entities, the company's new management said. Overall more than $3.2 billion was transferred through payments and loans to company founders and key employees, FTX said in a statement on Wednesday. These payments were made chiefly from Alameda Research hedge fund, FTX said, adding that it made these disclosures by filing schedules and statements of financial affairs with the bankruptcy court. The…

Lawyers for the bankrupt crypto exchange FTX opposed a demand for internal records from an insolvent affiliate based in the Bahamas, saying they "do not trust" the Bahamian government with data that could be used to siphon off assets from the bankrupt company. Liquidators of FTX's Bahamian business, FTX Digital Markets, had askedUS Bankruptcy Judge John Dorsey to give them access to theUS unit's Slack, Google and Amazon Web Services accounts and data. At a court hearing in Delaware, lawyers for FTX asked Dorsey to deny…

FTX's Sam Bankman-Fried is set to testify before a US House committee, the cryptocurrency exchange's founder and the congressional panel said on Friday, as regulators investigate his role in the wake of its collapse. The chair of the House of Representatives Committee on Financial Services, Maxine Waters, told Reuters on Thursday that she was prepared to subpoena Bankman-Fried if he did not agree to appear before the panel, which is holding a hearing as part of its probe into FTX.Read Also In a statement late on Friday,…

FTX suffered a “complete failure of corporate controls” that culminated in an “unprecedented” debacle, its new chief executive said Thursday. John J. Ray, who has helped oversee some of the biggest bankruptcies ever, including Enron’s, said in a filing to federal bankruptcy court that he’s never seen anything as bad in 40 years of restructuring firms. The filing paints a vivid picture of the chaos that characterized the cryptocurrency company’s finances, accounting and leadership under…