While the crypto market struggles to recover from the shock collapse of FTX, there are finally some positive signals coming out. The troubled crypto exchange entered into chapter 11 bankruptcy proceedings after it struggled to cope with the liquidity crisis. Along with the bankruptcy announcement, FTX also replaced Sam Bankman-Fried with John Ray as the new CEO. Whether Ray finds enough support to turn the fortunes around for the company remains to be seen.
Meanwhile, former U.S. Securities and Exchange Commission chair Jay Clayton said Ray is the right choice to steer FTX from the crisis. He said FTX has the right person in John Ray in the role of CEO to drive the company towards stability and maximize on the assets. Clayton said FTX has the right person on the job (CEO) in terms of stabilizing the situation and looking to either operate of liquidate or a combination of both. He made the comments on Monday while speaking to CNBC.
(by Anvesh Reddy)