While the news of FTX’s bankruptcy receives a negative reaction from the cryptocurrency market, it is now up to the new FTX CEO John J. Ray III, to perform. The new CEO allegedly engaged in registered insider trading, according to SEC claims that were disclosed.
John J. Ray III is listed as an insider trader by the U.S. Securities and Exchange Commission (SEC), according to a report.
Due to a lack of financial declarations, while holding positions of responsibility, John J. Ray III‘s name is listed with the allegations. The new FTX CEO traded equities from three different companies while holding positions that required financial disclosures, according to the investigation.
Under the direction of the new CEO, FTX would aim to navigate the bankruptcy process. The company said in its bankruptcy notice that only a structured procedure could successfully manage its assets. The business claimed that its employees in numerous nations worldwide would support the new FTX CEO.
Sam Bankman-Fried had already announced his resignation as CEO in a statement from the FTX exchange. After a week of utter pandemonium around FTX, the bankruptcy has had a significant negative impact on the cryptocurrency market.
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