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New FTX CEO Ray announces steps taken to staunch bleeding cashflow New FTX CEO Ray announces steps taken to staunch bleeding cashflow

New FTX CEO Ray announces steps taken to staunch bleeding cashflow

Chief Restructuring Officer and new CEO of FTX, John Ray begins securing digital assets and halting of FTX trading and withdrawal functions.

The general counsel of FTX US, Ryne Miller, has released a statement from John J. Ray III, Chief Restructuring Officer and now-appointed CEO of FTX related to “unauthorized” access to FTX funds.

Ray’s statement highlights the continued efforts to ensure all assets are secured “wherever located” and explains that the team is now “in the process of removing trading and withdrawal functionality.”

Digital assets identified are to be found and moved to a “new cold wallet custodian.” Ray also confirms the reports on “unauthorized access to certain assets,” stating that this has indeed occurred.

 

The next steps described in Ray’s statement detail that “an active fact review and mitigation exercise was initiated immediately in response.”

“We have been in contact with, and are coordinating with law enforcement and relevant regulators.”

Having previously handled the liquidation of Enron Corp โ€” a historical and world-renowned bankruptcy event – Ray was called in to take over FTX on Friday evening.