•Sam Bankman-Fried (SBF) stepped down as CEO of FTX on November 13, following the company’s filing for Chapter 11 bankruptcy protection.
• SBF has been sharing cryptic and controversial tweets since his resignation, including a series of Twitter direct messages sent to a reporter last night in which he admitted that his focus on effective altruism and bailing out crypto companies was “mostly a front.”
• Today, new FTX CEO John J. Ray III used FTX’s official Twitter account to re-emphasize the change in leadership at the embattled exchange and distance the firm from its founder.
• In December, Bankman-Fried will be called to testify before Congress on the collapse of his once-prominent company.
Woe is FTX
It’s been a rough few weeks for FTX. Following the resignation of CEO Sam Bankman-Fried and the filing for Chapter 11 bankruptcy protection, the company has been mired in controversy. This week, new CEO John J. Ray III used FTX’s official Twitter account to address these recent events and reaffirm the company’s commitment to its users.
In a series of tweets, Ray addressed the statements made by Bankman-Fried on social media, clarified that he is no longer associated with FTX, and reassured users that their funds are safe. He also announced that FTX remains committed to providing users with the best possible experience moving forward. These reassuring words come as a much-needed breath of fresh air for the beleaguered exchange.
Bankman-Fried will explain the collapse of his once-prominent company. It remains to be seen whether he will be able to salvage his reputation after these latest revelations. In the meantime, it’s good to see that FTX is in good hands with its new leadership team.
FTX Altruism just a front
The series of events that have unfolded at FTX over the past few weeks have been nothing short of astonishing. First, CEO Sam Bankman-Fried stepped down from his position on November 13 following the filing for Chapter 11 bankruptcy protection. Then, in a series of cryptic and controversial tweets, SBF shared some troubling statements about his time at the helm of FTX. Finally, last night he admitted in a series of Twitter direct messages sent to a reporter that his focus on effective altruism and bailing out crypto companies was “mostly a front.”
Today, new FTX CEO John J. Ray III used the company’s official Twitter account to address these recent events and clarify some things for users. “It has come to our attention that Sam Bankman-Fried has made some troubling statements on social media in recent weeks,” Ray wrote. “We want to be clear that FTX is not affiliated with SBF in any way and that he is no longer associated with our company.”
Ray also addressed the Chapter 11 filing, emphasizing that FTX is still operational and customers’ funds are safe. He wrote: “Despite this recent turn of events, FTX remains committed to providing our users with the best possible experience and we will continue to do everything in our power to make that a reality.” These reassuring words come as a much-needed breath of fresh air for the beleaguered exchange.
Bankman-Fried will have his day in court next month when he testifies before Congress about the collapse of his once-prominent company. In December, he will have his day in court as he tries to explain how a startup that was once valued at $800 million could fall so far, so fast — and hopefully restore some faith in the crypto community along the way.
Enjoying our content? There is more on our website, make sure you subscribe to our newsletter to stay up to date. There is more for you on our social media links as well. Solanews/Metafi is dedicated to keeping you in tuned on all things crypto, web3, and metaverse!