john j. ray iii – DIGIT INFO

FTX and CFTC agree to $12.7B settlement, subject to court approval

DIGIT — Tue, 16 Jul 2024 23:00:31 +0000

The US commodities regulator didn’t seek a civil monetary penalty, meaning the entire $12.7 billion would be used to pay back FTX’s creditors.

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FTX CEO Disputes Sam Bankman-Fried’s Claims of Solvency and No Harm to Creditors

DIGIT — Sat, 23 Mar 2024 20:30:13 +0000

John J. Ray III, the chief executive officer of FTX Trading Ltd., has issued a strong rebuttal against former CEO Sam Bankman-Fried’s assertions regarding the company’s financial state and the impact on its creditors. FTX Chief Restructuring Officer and CEO Debunks Bankman-Fried’s FTX Solvency Claims John J. Ray III outlined the extensive efforts made to […]

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FTX financial controls were a ‘hodgepodge’ of apps, says court filings

DIGIT — Mon, 10 Apr 2023 03:00:18 +0000

A court filing alleged apps such as Excel spreadsheets and Slack messages were used to manage the assets and liabilities of FTX and its entities.

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FTX Bankruptcy Judge Denies US Trustee’s Request for Independent Examiner

DIGIT — Wed, 15 Feb 2023 23:00:18 +0000

The judge presiding over the FTX bankruptcy case has denied the U.S. Trustee’s request to appoint an independent examiner for the ongoing proceedings. The decision comes after judge John Dorsey postponed the ruling last week, citing concerns that the examiner could cost creditors tens of millions of dollars. The U.S. Trustee’s Argument for an Independent […]

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Law Firm Subpoenas FTX Co-Founder, Top Executives, and Former Alameda CEO Over Voyager Digital Deal

DIGIT — Tue, 07 Feb 2023 23:19:56 +0000

On Feb. 6, 2023, law firm Kirkland & Ellis issued a subpoena to FTX co-founder Sam Bankman-Fried and top executives on behalf of Voyager Digital. The subpoena requested they produce documents and communications related to the “Alameda Loan Agreement” between Alameda Ventures and Voyager, as well as other important documents. Additionally, Voyager Digital has subpoenaed […]

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FTX Bankruptcy: Judge Delays Decision on Appointing Independent Examiner Amid Cost Concerns

DIGIT — Tue, 07 Feb 2023 20:35:10 +0000

Judge John Dorsey has delayed his decision on whether to appoint an independent examiner in the FTX case. At the latest hearing, Dorsey acknowledged that the cost to debtors could reach tens of millions of dollars. Currently, the bankruptcy judge is hopeful that the issue will be resolved through a mutually agreed upon solution between […]

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FTX Lawyers Attempt to Question Bankman-Fried’s Family and Inner Circle for Financial Insight

DIGIT — Fri, 27 Jan 2023 19:30:33 +0000

According to court documents in the FTX bankruptcy case, the company’s attorneys seek to subpoena FTX co-founder Sam Bankman-Fried, his brother Gabriel Bankman-Fried, and his parents, Joseph Bankman and Barbara Fried. Additionally, the attorneys intend to question some of Bankman-Fried’s top deputies, including FTX co-founder Gary Wang, ex-Alameda Research CEO Caroline Ellison, the former chief […]

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Objections Raised Over Appointment of Sullivan & Cromwell as Debtors’ Counsel for FTX

DIGIT — Sat, 21 Jan 2023 20:30:18 +0000

On Friday, bankruptcy judge John Dorsey approved the law firm Sullivan & Cromwell (S&C) to be appointed as the debtors’ counsel for FTX, despite an objection from Daniel Friedberg, a former FTX US compliance officer. During a Zoom presentation, Friedberg claimed there was a conflict of interest between former and current FTX executives and FTX […]

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Former FTX President Launches New Crypto Venture, Raises $5 Million From Leading Investors

DIGIT — Fri, 20 Jan 2023 21:30:48 +0000

Less than a week ago, Brett Harrison, the former president of FTX US, published a 49-part Twitter thread describing his side of the story when he worked for the disgraced co-founder of FTX, Sam Bankman-Fried (SBF). On Friday, Jan. 20, 2023, Harrison revealed that his new firm, Architect, has raised $5 million from investors such […]

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New FTX CEO Discusses Possibility of Rebooting Defunct Crypto Exchange in First Interview Since Taking Over

DIGIT — Thu, 19 Jan 2023 19:30:28 +0000

Following recent disclosure that FTX debtors and bankruptcy administrators located $5.5 billion in liquid assets, the new FTX CEO John J. Ray III discussed the business in his first interview since taking over the exchange’s restructuring process. Ray detailed during the interview that he is open to the possibility of reviving the now-defunct digital currency […]

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