{"id":548526,"date":"2023-02-06T20:44:32","date_gmt":"2023-02-06T17:44:32","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/ftx-ceo-testifies-on-pure-hell-post-bankruptcy-days-at-exchange\/"},"modified":"2023-02-06T20:44:32","modified_gmt":"2023-02-06T17:44:32","slug":"ftx-ceo-testifies-on-pure-hell-post-bankruptcy-days-at-exchange","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/ftx-ceo-testifies-on-pure-hell-post-bankruptcy-days-at-exchange\/","title":{"rendered":"# FTX CEO testifies on \u2018pure hell\u2019 post-bankruptcy days at exchange"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a2f0837e602a\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a2f0837e602a\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/ftx-ceo-testifies-on-pure-hell-post-bankruptcy-days-at-exchange\/#%E2%80%9D_FTX_CEO_testifies_on_%E2%80%98pure_hell_post-bankruptcy_days_at_exchange_%E2%80%9C\" >&#8221; FTX CEO testifies on \u2018pure hell\u2019 post-bankruptcy days at exchange &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_FTX_CEO_testifies_on_%E2%80%98pure_hell_post-bankruptcy_days_at_exchange_%E2%80%9C\"><\/span>&#8221; FTX CEO testifies on \u2018pure hell\u2019 post-bankruptcy days at exchange &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjMtMDIvNDFhMTY3MTYtZWM1Yy00MzE3LWJlNDEtZmU2ZDFmZDVhN2FjLmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-5a4050f8>John Ray, who took over as CEO of crypto exchange FTX, has described some of the chaotic experiences at the firm following the company declaring bankruptcy.<\/p>\n<p>In testimony for FTX\u2019s case in the United States Bankruptcy Court for the District of Delaware on Feb. 6, Ray said he and other professionals had \u201ccarefully\u201d been conducting an investigation into FTX\u2019s activities, due to the company having no physical office. The FTX CEO seemed to be pushing back against a motion to assign an independent examiner to the bankruptcy case, claiming that \u201cinadvertent errors\u201d could result in \u201chundreds of millions of dollars of value\u201d being destroyed.<\/p>\n<p>According to Ray, when he took control of FTX in November 2022, there was \u201cnot a single list of anything\u201d related to bank accounts, income, insurance or personnel, causing a \u201cmassive scramble for information.\u201d The FTX CEO said the same day he helped file a Chapter 11 bankruptcy petition, and there were multiple attempts to steal crypto, resulting in security experts and liquidators moving quickly to secure funds.<\/p>\n<p>\u201cYour normal first-day petition is chaotic as sometimes can be \u2014 this was something that I have never experienced,\u201d said Ray. \u201cThose hacks went on virtually all night long [&#8230;] It was really 48 hours of what I can only describe as pure hell.\u201d<\/p>\n<p>The FTX CEO claimed he had had no connection with former executives at the exchange, including Alameda Research CEO Caroline Ellison, FTX co-founder Gary Wang and former CEO Sam Bankman-Fried or his parents prior to taking control of the company. According to Ray, anyone \u201cthat was in a control position\u201d under Bankman-Fried no longer had any authority to direct FTX company actions.<\/p>\n<p>Ray\u2019s testimony came amid a motion from the Office of the U.S. Trustee arguing the court should <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>oint an independent examiner who would release a public report providing transparency into the bankruptcy proceedings. Juliet Sarkessian, representing the U.S. Trustee\u2019s office, suggested that, although Ray had no connection to Bankman-Fried prior to his taking over as CEO, the appointment of an examiner was still in the public interest.<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Justice Dept defends motion to bar SBF from accessing FTX, Alameda assets<\/em><\/strong><\/p>\n<p>FTX\u2019s bankruptcy proceedings are ongoing as debtors and interested parties will make motions over the firm\u2019s assets, investigate the company, and release information potentially affecting Bankman-Fried\u2019s criminal case. The legal team representing FTX debtors requested the issuance of subpoenas for information and documents from Bankman-Fried\u2019s im<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">media<\/a>te family on Feb. 1.<\/p>\n<p><em>At the time of publication, Judge John Dorsey had not ruled on the motion for an examiner. This story is developing and may be updated.<\/em><\/p>\n<p><template data-name=\"subscription_form\" data-type=\"law_decoded\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/ftx-ceo-testifies-on-pure-hell-post-bankruptcy-days-at-exchange\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; FTX CEO testifies on \u2018pure hell\u2019 post-bankruptcy days at exchange &#8220; John Ray, who took over as CEO of crypto exchange FTX, has described some of the chaotic experiences at the firm following the company declaring bankruptcy. In testimony for FTX\u2019s case in the United States Bankruptcy Court for the District of Delaware on&#8230;<\/p>\n","protected":false},"author":1,"featured_media":548527,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/s3.cointelegraph.com\/uploads\/2023-02\/41a16716-ec5c-4317-be41-fe6d1fd5a7ac.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74860,135234,4978,55229,70934],"class_list":["post-548526","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-cryptocurrency-exchange","tag-ftx","tag-bankruptcy","tag-law","tag-regulation"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/548526","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=548526"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/548526\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/548527"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=548526"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=548526"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=548526"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}