Crypto Exchange FTX Resumes Salary Payments To Employees Worldwide

It seems that there’s good news involving the troubled crypto exchange FTX. Check out the latest reports below.

It’s been just revealed that the crypto exchange FTX said that most of its subsidiaries are resuming salary and benefit payments to employees after being interrupted during the company’s insolvency crisis.

In a statement, FTX’s new CEO John J. Ray III said that ordinary course payment would also resume for some of the firm’s non-US contractors and service providers. This move has been made in order to preserve business operations.

Ray said that the company acknowledges the inconvenience caused by the interruptions in payments, and thanks employees and partners for their support.

“With the Court’s approval of our First Day motions and the work being done on global cash management, I am pleased that the FTX group is resuming ordinary course cash payments of salaries and benefits to our remaining employees around the world.”

He continued and said the following:

“FTX also is making cash payments to selected non-U.S. vendors and service providers where necessary to preserve business operations, subject to the limits approved by the Bankruptcy Court. We recognize the hardship imposed by the temporary interruption in these payments and thank all of our valuable employees and partners for their support.”

According to the latest reports, it’s been revealed that the Binance CEO Changpeng Zhao is unveiling more details about the call he had with Sam Bankman-Fried as the FTX founder scrambled to rescue his ailing crypto exchange.

In a new CNBC interview, Changpeng Zhao says that he received a call from Bankman-Fried within 48 hours after tweeting his firm’s plans to liquidate its FTT holdings.

“At the beginning, I thought he just wanted to do an OTC (over-the-counter) deal to buy out the FTT tokens we had. And then he actually wanted a buyout of the entire firm, of the entire FTX platform. We got a team on it. It was pretty clear pretty soon that there’s a misappropriation of user funds. The user funds are gone.”