🦍 the fixer - ftx's new ceo

Ape of the Emerald City

Dec 25, 2022

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ftx declares bankrupcy

as i’m sure many wise ape readers are aware, the cryptocurrency exchange ftx went bankrupt after it was revealed that they were misusing customer funds. former ceo sam bankman-fried was arrested last week

in comes the new boss

following these developments, a new ceo was put in charge to take care of the situation - attorney john j ray iii. let’s take a brief look through his history:

following enron’s accounting scandal and bankruptcy in 2001, he managed to help creditors in the aftermath
he has spent over 20 years taking over companies going through bankruptcy and managing the situation - other companies include fruit of the loom, nortel, etc.

what does that mean moving forward?

it’s not like ray is going to bring back ftx to its former glory - that’s not what he’s there to do. he will, however, try to recover assets and use his experience to minimize damage

at the us house committee of financial services he stated that ftx was the worst “utter failure of corporate controls” he had ever seen. so let’s see if he can pull off the task of managing this company