FTX to reorganize, new CEO seeks support from staff during company conference call

Quick Take

  • FTX’s new CEO held an all-hands meeting today to discuss the exchange group’s future after its bankruptcy filing
  • Former CFTC lawyer Ryne Miller is committed to stay to “clean things up,” according to a source. 

FTX's new CEO John Jay Ray III called on staff to rally together during an all-hands meeting after last week's bankruptcy protection filing, people who were on the call told The Block. 

"We need your support," Ray told staff, according to those on the call. Former billionaire Sam Bankman-Fried stepped down from the company following a series of events last week that resulted in its insolvency and the revelation of a multi-billion dollar hole in the firm's balance sheet, which Bankman-Fried attributed to managerial missteps and former employees attributed to fraud. 

While many employees of the exchange have left — including former institutional sales head Zane Tackett and head of ventures Amy Wu — a large contingent of lower- to senior-level staff remain. 

The firm has some money to pay salaries, but it is unclear if it will be able to keep on contractors, according to people who attended the meeting. The firm sent out forms for employees to fill out and explain their roles to likely determine whom to fire or whom to let go. 

Payroll is expected to continue as usual, though Ray warned there may be hiccups.


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Ryne Miller, FTX US's general counsel, is staying on with the firm as it navigates its transition into bankruptcy, taking the lead of external communications.

Miller, who previously served as legal counsel to SEC Chair Gary Gensler while he ran the CFTC, joined FTX in August 2021 from Sullivan & Cromwell where he was a partner. 

Miller declined to comment. 


Disclaimer: The former CEO and majority shareholder of The Block has disclosed a series of loans from former FTX and Alameda founder Sam Bankman-Fried.

© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.


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Frank Chaparro is the Editor At Large at The Block. Chaparro started his career at Business Insider, where he specialized in the intersection of digital assets and Wall Street, market structure, and financial technology. Soon after joining Business Insider out of Fordham University, Chaparro was interviewing top finance and tech executives, including billionaire Mark Cuban, “Flash Boys” star Brad Katsuyama, Cboe Global Markets CEO Ed Tilly, and New York Stock Exchange President Tom Farley. In 2018, he become a sought after reporter in the crypto world, interviewing luminaries such as Tyler Winklevoss, the cofounder of Gemini, Jeremy Allaire, the CEO of Circle, and Fundstrat head Tom Lee. He runs his own podcast The Scoop and writes a biweekly eponymous newsletter. He leads special projects, including The Block's flagship podcast, The Scoop. Prior to The Block, he held roles at Business Insider, NPR, and Nasdaq. For inquiries or tips, email [email protected].
Christiana is a long-time journalist who has written about markets in the Americas, politicians who stashed cash in their underwear and high-end heels, to name just a few. She previously spent six years at Bloomberg, and her work has appeared in the WSJ, LA Times, Insider, Vogue Business and more. Christiana has a bachelor's degree in English from Pace University and a master's degree in journalism from New York University. She completed a master's degree in media psychology for fun.


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