The FTX affair continues to make a lot of noise a few weeks after the fall of this giant in the cryptocurrency sector.
Many investors have lost everything with FTX, but we must also think of all the people who worked and still work for this bankrupt company. Indeed, even though the situation is perilous, a new CEO is in place to try to save the furniture. Thus, FTX employees had not received payment of their salaries for several weeks and although the situation seems to be improving on this side, there are all exceptions.
FTX, the payment of salaries and benefits?
According to the latest information, a large majority of FTX employees will finally receive their salaries, but that’s the problem! It turns out that the situation is complex and that not all employees are at the same level depending on the office where they work.
Indeed, it was yesterday, November 28, that John Ray took the floor to announce that payments could once again be made with these few words:
I am pleased to announce that FTX Group can now resume payment of salaries and benefits to all of our employees worldwide. We recognize your value and hard work during this time. We thank you for your support during this difficult time.
Although this message is directed to all FTX employees, it turns out that it is primarily directed to FTX US employees. Indeed, employees in the Bahamas or Australia are not covered by the Chapter 11 bankruptcy regime in the US. Therefore, for these employees, we will have to wait and see how the situation unfolds according to the jurisdictions in place in these countries.
As a bonus, and naturally, the salaries of the senior executives will not be paid given the current situation. This is also the case for individuals like SBF or Caroline Ellison, but also co-founder Gary Wang and CTO Nishad Singh.
The FTX case continues to affect the market, but also the companies in the field. BlockFi has just filed for bankruptcy.