FTX resumes paying staff and contractors after weeks in limbo

Payouts will exclude former FTX CEO Sam Bankman-Fried and select former executives including Gary Wang, Nishad Singh and Caroline Ellison from Alameda.< /p> New

Failed crypto exchange FTX has announced that it will “resume” regular cash payments, salaries, and benefits for its remaining employees worldwide.

The announcement was made by new FTX CEO John Ray III on November 28, as the insolvency practitioner seeks to help FTX and its approximately 101 affiliated companies (FTX Debtors) clear a way through US Bankruptcy Court in Delaware.

"With the Court's approval of our day one motions and ongoing work on overall cash management, I am pleased that FTX Group is resuming regular cash payments of salaries and benefits to our remaining employees worldwide."< /p>

"FTX also makes cash payments to certain non-U.S. vendors and service providers as necessary to preserve business operations, subject to bankruptcy court-approved limits," he added.

The announcement comes approximately 10 days after FTX debtors filed a motion to pay compensation and pre-petition benefits to employees and contractors in Delaware bankruptcy court on November 19, which excludes payments to former FTX CEO and Founder Sam Bankman-Fried, as well as Gary Wang, Nishad Singh and Caroline Ellison.

Sharing our just released press release: FTX resumes normal payment for employees and certain foreign contractorshttps://t.co/8CDnlsvu2j

The latest announcement will mean remaining FTX employees and contractors will receive nearly three weeks of pay, which was presumably cut short after