FTX’s current Chief Restructuring Officer John Ray who recently took control of the troubled exchange after the departure of its beleaguered founder has dissociated itself from SBF.
As stated by the exchange’s official Twitter handle, after Bankman-Fried’s resignation from FTX Official, and its, directly and indirectly, owned businesses on November 11, he no longer speaks on the behalf of the above entities.
The latest tweet follows the filing of a fresh document on Nov 14 in Delaware’s federal court, where FTX US is headquartered. The document highlighted Bankman-Fried’s stepping down and the appointment of John Jay Ray III as its new CEO.
The document also dug into Bankman-Fried’s final days as CEO of the exchange and the events that led up to the bankruptcy filings on Nov. 11.
“Questions arose about Mr. Bankman-Fried’s leadership and the handling of FTX’s complex array of assets and businesses under his direction.”
Ryne Miller, FTX US general counsel, said that in accordance with their duties specified Chapter 11 Debtors-in-Possession, both FTX US and its global platform continue to make every effort to secure all assets, wherever they may be.
Among other things, we are in the process of removing trading and withdrawal functionality and moving as many digital assets as can be identified to a new cold wallet custodian. As widely reported, unauthorized access to certain assets has occurred.
Additionally, Miller informed that a fact assessment mitigation effort is currently underway and that they are collaborating with law enforcement and the appropriate regulators.
Meanwhile, SBF continued to draw ire for his cryptic Twitter thread that began on Nov. 14.
FTX EX CEO’s Tweets Have Gained Notoriety
With regards to his weird posts, Bankman-Fried revealed that he was “creating it up as I go” and that the series of tweets will “be more than one word.”
Bankman-Fried further blamed excess leverage for what is known as crypto’s biggest implosion since the Terra debacle. The former chief exec also stated that liquidity had been drained as a result of the market crash and bank run.
He revealed the focus now would be on raising liquidity and “make customers whole, and restart.”
Crypto Twitter remained skeptical of SBF’s pitch for securing liquidity. Some of the affected users slammed him for being in denial mode. Others accused him of running a scam when building his FTX empire.