Ray, the former ceo of enron, was appointed to lead the restructuring of ftx. he and his team have located $181 million in ftx us funds, though half of those assets were drained in unauthorized transfers. sam bankman-fried, the ex-ceo of ftx, has publicly opposed the claims of the ftx restructuring team and has hired a legal team to represent his interests in the delaware ftx bankruptcy case.
Collapse of ftx began on november 11 when ftx us filed for chapter 11 bankruptcy protection. the west realm shire silo, which includes ftx us, ledgerx, ftx us capital markets, and embed clearing, was also affected. bankman-fried has published screenshots of spreadsheets that he claims represent the state his crypto empire was in when he stepped down.
Cause of the collapse of ftx is disputed. bankman-fried claims that ftx us was and is solvent, likely with hundreds of millions of dollars in excess of customer balances. he claims ftx us has an additional $428 million usd in bank accounts, on top of the $181 million of tokens. ray has been distancing ftx from its founder and cutting off his access to company records. ftx us has $609 million of total assets, but ledgerx is not a debtor in ftx’s bankruptcy.