TechFlow news — On December 13, according to a draft testimony prepared by FTX founder Sam Bankman-Fried (SBF) for submission to Congress obtained by Forbes, key points include SBF sending five emails to FTX's new CEO and Chief Restructuring Officer John J. Ray III, none of which received a response. Previously, many individuals—including the general counsel of FTX.US and former Sullivan & Cromwell partner Ryne Miller—exerted significant pressure on SBF to quickly file for Chapter 11 bankruptcy protection.
SBF believes that John J. Ray III and the law firms managing the bankruptcy, including Sullivan & Cromwell, are attempting to extract substantial fees from the FTX bankruptcy. SBF also devoted seven pages to detailing instances where John J. Ray III and his team have spread false and inaccurate information about the companies he founded. Additionally, SBF stated that FTX did not have a risk management team; while FTX International had dedicated teams handling finance and many other business areas, there was no specialized team responsible for risk management or user position monitoring. Potential investors have signed letters of intent (LOI) that could allow for recapitalization of the exchange.Original link
