FTX US General Counsel Ryne Miller, Chief Restructuring Officer and now appointed Chief Executive Officer of FTX John J. Ray III, in connection with “unauthorized” access to FTX funds issued a statement from
1/ Statement from Chief Restructuring Officer and CEO John Ray @FTX_Official — Chapter 11 Debtors-in-Possession, consistent with FTX US and your obligations as FTX [dot] com continues to make every effort to protect all its assets, wherever they are located.
— Ryne Miller (@_Ryne_Miller) November 12, 2022
Ray’s statement highlighted its continued efforts to ensure all assets are safe “wherever they are”, explaining that the team is currently “in the process of removing trading and withdrawal functionality.” increase.
Identified digital assets will be found and moved to a “new cold wallet custodian”. Ray also confirmed reports of “unauthorized access to certain assets” and said this did occur.
2/ Among other things, we are removing trading and withdrawal functionality and moving as many identifiable digital assets to the new cold wallet custodians. Unauthorized access to certain assets has occurred as widely reported.
— Ryne Miller (@_Ryne_Miller) November 12, 2022
The next steps described in Ray’s statement detail that “proactive fact-checking and mitigation exercises were immediately launched in response.”
“We are in contact with law enforcement and relevant regulators and are coordinating.”
Having previously handled the liquidation of Enron Corp, a historic and world-famous bankruptcy event, Ray was called in to take over FTX on Friday night.
