On Tuesday , a hearing before a U.S. bankruptcy judge has been scheduled. FTX also said on Saturday that it has begun a review of its assets worldwide and is getting ready to sell or reorganize some of its businesses.
Exactly how much investors and creditors will get back after bankruptcy proceedings are carried out is unclear, but is likely to be only a fraction of the original amount they put in. Mr John Ray, who took over from FTX founder Mr Sam Bankman-Fried as CEO, said last week that he had never “seen such a complete failure of corporate controls”. He added that there had been a “complete absence of trustworthy financial information” at FTX.
Mr Bankman-Fried’s net worth has plummeted from US$26.5 billion to under a billion USD. Bankman-Fried announced that FTX had filed for bankruptcy via Twitter on Nov 11, telling customers he was sorry and that “Hopefully things can find a way to recover.”
Source: News Formal (newsformal.com)
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