•FTX will resume payments of salary and benefits to employees worldwide and certain non-U.S. contractors, according to a motion filed by the company’s legal counsel.
• The announcement comes a week after FTX’s legal counsel filed a motion to pay compensation, benefits, and relief to its employees and vendors. In the motion, FTX said that the company would not pay anything to Sam Bankman-Fried, Gary Wang, Nishad Singh, Caroline Ellison or “any who have a familial relationship.”
• FTX CEO John J. Ray III said in a statement that with the Court’s approval of their First Day motions and work being done on global cash management, they are pleased that they can resume ordinary course cash payments.
• According to FTX, vendors and service providers will receive cash payments for all goods and services provided on or after November 11 (the day of the company’s Chapter 11 filing).
FTX will pay
FTX will resume payments of salary and benefits to employees worldwide and certain non-U.S. contractors, according to a motion filed by the company’s legal counsel. The payments will be made on a bi-weekly basis, beginning this week. In addition, the company will provide employees with a one-time bonus of $1,000. The move comes as FTX continues its efforts to restructure its business following the recent departure of CEO Johnathan Teo. FTX has been under pressure to cut costs and streamline its operations in order to compete with rivals such as Binance and Coinbase. The company is also facing lawsuits from former employees who allege that they were wrongfully terminated. FTX has denied these allegations.
According to the motion filed by FTX’s legal counsel, the company has resumed salary and benefits payments to employees worldwide and certain non-U.S. contractors. This is good news for those of us who have been affected by the bankruptcy filing. The announcement comes a week after FTX’s legal counsel filed a motion to pay compensation, benefits, and relief to its employees and vendors. In the motion, FTX said that the company would not pay anything to Sam Bankman-Fried, Gary Wang, Nishad Singh, Caroline Ellison, or “any who have a familial relationship.” FTX CEO John J. Ray III said in a statement that with the Court’s approval of their First Day motions and work being done on global cash management, they are pleased that they can resume ordinary course cash payments. According to FTX, vendors and service providers will receive cash payments for all goods and services provided on or after November 11 (the day of the company’s Chapter 11 filing). These payments will help keep many people afloat during this difficult time.
Going the distance
The new CEO of FTX is doing his best to separate the company from the original founder and ensure that FTX is able to provide for its employees and vendors during this difficult period. After some less-than-positive messages surfaced after the days of the bankruptcy involving Sam Bankman Fried and his admission to “effective altruism” just being a front, it is good to see that FTX is resuming salary and benefits payments to its employees around the world. This will help many people who have been affected by bankruptcy filing. If you are an employee or contractor of FTX, be sure to check your status so that you can get paid for your work.
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