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SBF or His Inner Circle won’t get paid anything now: Bankruptcy Filing

The former CEO of FTX Sam Bankman had mentioned before the bankruptcy proceedings of the company that he or his other inner circle people on the FTX platform won’t be able to see any monetary returns as a part of compensation from the bankruptcy proceedings. These statements mentioned by Sam Bankman before filing the bankruptcy proceedings are said to be completely true from his actions on the FTX platform.

SBF or His Inner Circle won't get paid anything now: Bankruptcy Filing

source : coingape.com

The authorities of the FTX platform in its recent court proceedings of bankruptcy protection at the FTX platform mentioned that the former employees of the FTX platform like Sam Bankman along with Nishad Singh and Gary Wang would not be able to get any type of compensation from the FTX platforms bankruptcy proceedings

When Sam Bankman was the CEO of FTX he did not announce that the company will be filing for bankruptcy proceedings. On the 10th of November, Sam Bankman resigned from the company he has as been distancing himself from the fall of the cryptocurrency exchange platform FTX.

Sam Bankman also executed the transfer of hundreds of millions of funds with the help of unauthorized transactions into the FTX platform in the Bahamas on the same day it filed for bankruptcy proceedings in the US. These transactions were initially denied by the Bahamian regulator. But later on, they were confirmed by Bahamian regulators citing the investigation of the crypto collapse into the Bahamian regulation and proceedings.

From all these happenings FTX company, the new authorities in the FTX are making it crystal clear that all the words told by Sam Bankman came completely true that no amount will be paid as compensation to him or any of his allies into the FTX platform in the future. 

Presently Who is actively working in the FTX company?

The new authorities of the FTX platform also confirmed that all the previous employees at FTX like the co-founder, CTO, and Engineering Director of the FTX platform along with the CEO of FTX’s sister company Alameda Research will also be terminated from the FTX platform from November 18th.

As per the recent court filings into the bankruptcy proceedings of the FTX platform, it is seen that the FTX platform is seen to have already logged approximately $20,000 worth of billable hours with Owl Hill Advisory. As this company has to hire a restructuring officer and a new CEO for the FTX platform. Hence Owl Hill Advisory hired John J. Ray III as its new CEO of the FTX platform.

Ray who is taking the fees of $1,300 per hour, from the advisory firm will be billed into the FTX with the help of a monthly pay cycle. executive John J. Ray to help with finances and administration in the FTX proceedings will receive $975 per hour. 

 

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