11-29-2022 icon

FTX to recommence payment of employees’ wages after weeks of oblivion

By Lucy Adegbe

Insolvent digital currency trading protocol FTX has published actions to recommence the payment of wages and other benefits to its workforce worldwide.

The news was disseminated on Monday by the recent FTX chair John Ray III, as bankruptcy experts seek ways to assist FTX and its over 101 indebted associates in the United States Insolvency Court in Delaware.

According to Ray’s statement, the protocol is recommencing cash payment of basic initiatives like the settlement of wages of its workforce and other benefits in line with the court’s authorization of its “first-day motion and the work being done on global cash management.”

In addition, FTX is processing cash payment transactions, which is subject to the court’s restriction, to specific merchants and access firms appropriately to maintain exchange function, he further noted.

The publication implies that the current workforce, including the contract staff at FTX will be getting their more than two weeks’ worth of salary, which had been withheld due to the firm’s insolvency signup on November 11.

The staff of FTX Digital Markets in the Bahamas is exempted from this pay, as FTX Digital Markets is bound by a different insolvency suit in the Bahamas region. 

Australia-based staff and contract staff are also exempted due to FTX Australia’s distinct insolvency suit.