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FTX said it will pay its employees and contractors



Key facts:
  • FTX assures employees will receive their wages, blocked by bankruptcy.

  • It is not yet known when payments to the company’s customers and investors will begin.

The FTX case continues to move forward, and this time in an apparently beneficial way for the exchange’s employees. According to a statement from the company group, the Delaware Court in the United States has approved the payment of salaries and all benefits to the company’s employees and contractors.

In this way, 101 FTX-related entities will settle their salary obligations, the company assures in a statement. PRESS RELEASE.. FTX also confirms that a portion of the capital will be allocated to the company’s service providers. The court has not yet published an official confirmation of this measure.

If true, the decision is part of a series of legal and monetary relief provided under Chapter 11 of the U.S. Bankruptcy Act for companies declared bankrupt. It has been two weeks since the FTX exchange, as well as several of its subsidiaries, filed for bankruptcy. two weeks ago filed for bankruptcy, the FTX exchange, as well as several of its subsidiaries, declared that it did not have the solvency to meet its obligations. to its creditors.

News that not only generated the fall of the company’s token (FTT) and the closure of the operations of all its enterprises, but also a domino effect in the cryptocurrency ecosystem. Through the use of Chapter 11, one of FTX’s directors raises the possibility of keeping the company in business to pay customer debts.

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However, although there seems to be progress on operational issues, FTX or the courts are still not giving a clear date or answer on the money of the affected people. It is a matter of millions of investors around the world whose money was trapped in stock market portfolios.But that by hypothesis incorrect manipulation of capital and reiterated these funds are no longer in their entirety.

According to the latest statements According to reports by CriptoNoticias, the company’s lawyers do not have enough money to pay all affected users. A statement that generates uncertainty and helplessness for thousands of customers inside and outside Latin America.

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