The Blubber

Per Reuters

Employees of FTX will be protected during the bankruptcy process and are guaranteed to receive salary and benefits. This is effective for all FTX employees worldwide.

Employees are still entitled to cash payments for pre- and post-petition periods, subject to the Bankruptcy Court's limitations. Sam Bankman-Fried CEO replacement John Ray III said the FTX group resumes ordinary payments to their remaining employees worldwide.

New FTX CEO John Ray said that the company is still making cash payments to specific non-US vendors and service providers but only to those necessary to preserve the once-active trading platform's business operations, per Coin Telegraph.

Employees are expected to receive around three weeks' worth of pay, which upon FTX's filing for bankruptcy, was halted. Ray thanked the remaining FTX employees and foreign contractors while acknowledging the hardships that caused payment delays.

Only FTX Debtors employees and contractors in the Bahamas will receive relief. However, FTX Digital Markets, FTX Express, and FTX Australia employees, among others, will not receive the relief.

An attorney said that FTX was run as SBF's "personal fiefdom," citing how the former CEO spent $300 million on real estate, including vacation properties for senior staff.

Since John Ray took over, FTX accused SBF of working with the Bahamian regulators to undermine the US bankruptcy case and shift its assets overseas. SBF's parents and senior executives collectively spent $121 million over two years on 19 properties in the Bahamas.

FTX's John Ray says they still face challenges like substantial missing assets and hacks.

During the initial downfall of FTX, SBF wrote a letter to employees apologizing to them, saying he is "deeply sorry about what happened" and shared what this would mean for employees, as per Coin Desk.

In the email, SBF did not address the then allegations and focused more on apologizing to employees for what had happened.

SBF: "I didn't mean for any of this to happen, and I would give anything to be able to go back and do things over again. You were my family,"

The former FTX CEO then shared how he lost the old home and how no one was left to talk to when he turned around. He also shared he "froze up in the face of pressure and leaks."

References:

Reuters

Reuters

Coin Telegraph

Coin Desk

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