Claim BonusFTX Restructuring: New CEO John Ray III Announces Advising Firms
Beleaguered crypto exchange FTX’s new CEO John J. Ray III has announced consultant Alvarez & Marsal and law firm Sullivan and Cromwell as advisors for restructuring FTX. Ray said the Chapter 11 bankruptcy filing is an important step in developing plans to restructure the crypto exchange.
FTX CEO John Ray Reveals Advising Firms
Crypto exchange FTX, FTX US, and Alameda Research, along with 131 other FTX firms filed for Chapter 11 bankruptcy. Sam Bankman-Fried resigned and named restructuring veteran John J. Ray III as the new CEO.
In an internal Slack message to employees, John Ray disclosed that Alvarez & Marsal and Sullivan and Cromwell are advising FTX in its restructuring plan, reported Reuters. Sullivan and Cromwell earlier advised FTX US on the Chapter 11 acquisition of Voyager Digital.
John J. Ray III has extensive experience as a chief restructuring officer and plan administrator in notable bankruptcy cases and situations such as Overseas Shipholding Group Inc., Nortel Networks Inc., and Enron.
Meanwhile, Richard Handler, CEO of Jefferies Financial Group, in a tweet showcased screenshots of his emails to Sam Bankman-Fried in July and September to warn about FTX’s financial crunch and propose restructuring. However, SBF failed to meet Richard Handler.
Former US Treasury Secretary Lawrence Summers said the collapse of the cryptocurrency exchange of Sam Bankman-Fried is like the Enron scandal. John J. Ray III was a lawyer at the time of Enron’s liquidation.
FTX Token (FTT) price is currently trading at $2.71, down over 30% in the last 24 hours. The FTT price has fallen over 90% in just a week.
Crypto Markets Crash Near?
The crypto market already under the FTX crisis pressure felt another shock after FTX filed for bankruptcy. The proposed acquisition by Binance and Justin Sun has failed. Recently, Justin Sun said that a bankruptcy filing by FTX will make institutional investors lose trust and confidence in the industry.
Bitcoin and Ethereum prices are currently trading at $16,834 and $1,257. The prices are currently moving sideways as the U.S. dollar index (DXY) continues to slide after the U.S. CPI data. However, FTX’s bankruptcy may likely have a long-running impact on the crypto market.
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- Pi Coin Utility Grows as Pi Network Launches Major App Payment Upgrade
- Solana Pushes Critical Validator Update to Protect Mainnet Stability
- Tether and UN Join Forces for Africa’s Crypto Security as USDT Adoption Grows Across Nigeria
- Genius Act: Stablecoin Yields Face Regulatory Crackdown as Banks’ Lobby Pressures Senate
- Bitcoin Treasury Firm K Wave Media Faces Potential Nasdaq Delisting Over Falling Share Price
- Why Is Polygon (POL) Price Up Today? Here’s What’s Fueling the Surge
- What’s Keeping XRP Price Below $3 After a Significant Jan 2026 Rally?
- Top Crypto Analyst Predicts Cardano Price Can Hit $10: Will It?
- Ethereum Price Prediction Ahead of U.S Unemployment Data Drops Today
- Solana Price Prediction if Bitcoin Holds Above $95,000
- Dogecoin Price Eyes $0.20+ Following Massive 218M DOGE Whale Buying Spree
