FTX appears to be moving on since news broke that it was filing for bankruptcy. The insolvent exchange will pay its employees and contractors after several weeks of uncertainty and bad news.
The bulk of FTX subsidiaries worldwide has reportedly resumed paying salary and benefits to their employees globally as well as some non-American contractors, according to a recent update from the bankrupt trading platform.
Fiat Payments to be Disbursed
John Ray III, the new FTX CEO said that following the bankruptcy Court’s approval of its First Day motions and the ongoing worldwide cash management effort, the firm was happy to announce the resumption of ordinary course cash payments of salaries and benefits to its remaining employees around the world.
Ray continued by saying that FTX is also paying specific non-American vendors and service providers as required to keep up the platform’s operational procedures, within the bounds of the bankruptcy court-approved limits.
SBF and Associates Will Not Be Paid
According to the most recent notification, the remaining FTX employees and contractors will receive payment for about three weeks. The cash payments owed to employees at FTX and 101 other linked companies since the bankruptcy filing on November 11 as well as a number of vendors and service providers who have not yet received payment from FTX will be covered by this relief.
The payment resumption will not, however, apply to all FTX subsidiaries and affiliated companies. Sam Bankman-Fried, the former CEO of FTX, and other associates like Gary Wang, Nishad Singh, and Caroline Ellison will not be compensated.
Furthermore, in the Bahamas, where the crypto exchange is based, only FTX Debtors’ employees and contractors will be given relief because FTX Digital Markets is the subject of a separate liquidation case there.
Online Community Pursues SBF In the Bahamas
Following the collapse of cryptocurrency exchange FTX, crypto Twitter influencers are swarming to the Bahamas in pursuit of Sam Bankman-Fried, the former chief executive of cryptocurrency exchange FTX.
The owner of the well-known Bitboy Crypto YouTube channel, Ben Armstrong, broadcast a livestream of himself exploring a resort where Sam Bankman Fried is believed to be residing, before being asked to leave by security.
Ben Armstrong tweeted hours later that he had gotten in touch with Sam Bankman-Fried. According to his tweet, the former FTX CEO has agreed to unblock him on Twitter and that they would jointly hold Twitter spaces within the next two weeks. The spaces will help clear the air on some of the issues community members have raised.
More influencers are still looking to fly to the Bahamas to confront SBF though. YouTuber Gabriel Haines started a successful crowdsourcing campaign to earn $10,000 to fly him and his family to the Bahamas after tweeting multiple rants that went viral over the SBF and FTX calamity.
The Twitter spaces with Ben Armstrong could give us more insight into the FTX debacle that has dominated headlines for the last three weeks.
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