Crypto Market Overview November 28th | Dex-Trade
John Ray III of FTX 'Crossed the Road' to Attorney General of the Bahamas
Amid disagreements among regulators over how to deal with the subsidiaries of bankrupt crypto exchange FTX, the new CEO of the marketplace, John Ray III, appointed after its bankruptcy and receiving a fee of $1,300, is attracting more and more attention from the outside Bahamian authorities. So Ryan Pinder, Attorney General of the Bahamas, where FTX is headquartered, said yesterday that the cryptocurrency exchange CEO's recent remarks made during the US bankruptcy proceedings are the result of misrepresented behavior and seem very "regrettable:" “It is possible that the prospect of multimillion dollar legal and consultant fees is driving both their legal strategy and the intemperate statements. In any case, we urge prudence and accuracy in all future filings.” Beginning on Nov. 11, when FTX filed for bankruptcy, the Bahamas regulator attempted to confiscate the assets of the crypto exchange, which caused a flurry of disputes in the crypto community. Lawyers for the trading floor have questioned claims that some assets were turned over to the Bahamas government. However, they also said Sam Bankman-Fried's "incessant and disruptive tweeting" undermined the company's debt restructuring efforts. However, given the fee of John Ray III, it increasingly begins to seem that he was prepared from the very beginning for the role of permanent "chairman" of the dock...
AAX's Ben Caselin Flees a Sinking Ship
The CEO and VP of Global Marketing and Communications for crypto exchange AAX, Ben Caselin, told his audience on Twitter that he left the company after the trading platform suspended user withdrawals and the executive team refused to consider his scenarios. way out of the situation. According to Caselin, despite his efforts in the fight for the community, the initiatives that his team came up with were not accepted. The former AAX chief executive concluded that his role in communications had become "hollow." In addition, he expressed his disagreement with the way AAX handles this issue and described the actions of the exchange as "without empathy" and "overly opaque." However, despite the current situation, the former AAX executive believes that everything will be resolved without malicious intent, but noted that the damage has already been done: "The brand is no more and trust is broken." As a reminder, on November 14, the AAX cryptocurrency exchange suspended withdrawals, citing the need to fix a system update failure. At the same time, representatives of the trading platform assured their investors that the withdrawal of funds had nothing to do with the growing collapse of FTX, and stated that their exchange had no financial relationship with FTX. But a little later, the AAX team emphasized that it needed additional capital as its investors decided to withdraw their funds from AAX due to the collapse of FTX.
Sam Bankman-Fried Could Go to Jail: Mark Cuban's Opinion
Billionaire owner of Dallas Maverick, Mark Cuban, believes that cryptocurrencies will survive the current market cataclysms without any problems, but the founder and CEO of the FTX trading platform, Sam Bankman-Fried (SBF), could very well go to jail: “I don’t know all the details, but if I were him, I’d be afraid of going to jail for a long time. I talked to the guy and thought he was smart.. I had no idea he was going to take other people's money and put it to his personal use.” Recall that SBF was considered a crypto wunderkind and many community gurus predicted a great cloudless future for him, calling the businessman the “King of Crypto,” “the Warren Buffett of Bitcoin,” and “Bernie Madoff of cryptocurrency,” noting his punchy nature and high level of competence. However, since the collapse of FTX, SBF has been increasingly featured in the information space as a "criminal," "liar", and "fraudster." Moreover, on November 14, the head of the crypto giant Binance, Changpeng Zhaiyu (CZ), wrote: “I think Sam lied to his employees, his users, his shareholders, regulators all around the world and all the users.” Does this mean that the collapse of FTX will lead to a prison term for SBF without alternative? Most likely, crypto influencers are now simply trying to publicly turn their backs on the founder of the crypto exchange so as not to suffer reputational losses. And the businessman's guilt has not yet been proven, so it's too early to draw final conclusions.
