Despite insolvency: crypto exchange FTX can pay employees again

The bankruptcy of the trading platform FTX throws the crypto world into chaos.

Despite insolvency: crypto exchange FTX can pay employees again

The bankruptcy of the trading platform FTX throws the crypto world into chaos. At least for the employees of the exchange, a piece of security is temporarily returning. Group boss Ray promises them to resume paying salaries.

The insolvent crypto trading platform FTX can continue to pay its employees. "I am pleased that the FTX Group ... can resume normal cash payments of salaries and benefits to our remaining employees worldwide," said Group CEO John Ray. This includes cash payments both pre-bankruptcy and post-bankruptcy, subject to the limits set by bankruptcy court orders.

FTX filed for bankruptcy protection on Nov. 11 along with its US entity, crypto trading firm Alameda Research, and nearly 130 other subsidiaries. According to insiders, at least one billion dollars in customer funds are said to have disappeared from FTX.

The affair has thrown the entire cryptocurrency industry into turmoil. In the course of the FTX bankruptcy, the US bank BlockFi, which specializes in virtual means of payment, also had to file for bankruptcy protection on Monday because crypto lenders had been damaged by its involvement with FTX. The most common means of payment Bitcoin and Ethereum collapsed in price.

The move is intended to enable a "comprehensive restructuring that maximizes value for all customers and other stakeholders," BlockFi said on Monday. The digital currency lender says it wants to focus on getting back money owed to it.

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