Bankrupt Crypto platform FTX soon to resume payments
Bankrupt Crypto platform FTX soon to resume payments

Bankrupt Crypto platform FTX soon to resume payments

According to the recent statement by the bankruptcy protection case facing Crypto flatform FTX, the FTX group and its most of subsidies will resume its payments and salaries to all over its subsidiary company’s employees along with all the Previously promised benefits to the Employees.

Bankrupt Crypto platform FTX soon to resume payments
source : cnbc.com

This news statement published by the FTX platform on Monday regarding the continuation of payments and benefits to its employees is considered a positive note in the prospect of the FTX platform. FTX group has filed bankruptcy proceedings in the US along with its 134 subsidiary companies.

What is the status of payments of employees into FTX? 

As per the statements offered by the platform regarding the payments and salary to its subsidiary platform. FTX group will provide all the cash payments to its employees, which will be carried out concerning both the pre-petition and post-petition periods of the FTX platform in its bankruptcy proceedings. Along with that, these payments will be done by considering the limit established by the bankruptcy proceedings for the working of the FTX platform.

The public statement from the FTX platform was published by the new CEO of the FTX platform John Ray, who in his statement mentioned that by taking the courts approval after the first day motions into the bankruptcy protection case FTX platform is allowed to work on the Global cash management for all its employees and staff payments with the FTX group.

During the first proceedings of the troubled cryptocurrency exchange platform FTX the Attorney who has been ruling this FTX preceding mentioned that FTX was operated as a personal fiefdom by the former CEO of FTX and in his work, this fiefdom was carried out in the processes like hacking of the assets into the FTX platform and the substantial missing of assets by the former CEO of FTX Sam Bankman.

The collapse of the FTX platform has created a Domino effect in the Crypto industry in which similar crypto companies who are having loose foundations are also on the verge of filing bankruptcy proceedings in the US such as the crypto company BlockFi and Voyager crypto also filed bankruptcy proceedings after the fall of the currency exchange platform FTX. 

Along with that, the Major Angel investors like SoftBank’s vision fund have to reframe their balance sheet considering the $100 million investments into the FTX platform as a loss-making move for the year 2022. The restructuring of the FTX platform has been carried out by John Ray, who is working as a restructuring officer in their FTX platform along with being the new CEO of the FTX platform.