The dispute between FTX’s former and current CEOs has gained public attention, but investors remain optimistic about the prospects of Web3. Metacade, a new venture, is aiding the industry’s shift away from the FTX controversy, and has already achieved considerable success during the first half of its presale.
Sam Bankman-Fried has been frequently in the news following the FTX collapse in November 2022. The latest FTX development concerning Bankman-Fried pertains to John Ray, the new CEO of the formerly second-largest digital asset exchange in Web3.
John Ray has announced FTX’s plan to resume its operations, to which Sam Bankman-Fried has reacted unfavorably. Bankman-Fried has alleged that Ray is merely making hollow promises and urged him to return all users’ funds if he is genuinely committed to his intentions.
John Ray has criticized Sam Bankman-Fried’s remarks as “unhelpful.” The outcome of the recent FTX news on the thousands of users who lost their funds on the insolvent exchange is uncertain. Nonetheless, the FTX collapse continues to have implications for the broader cryptocurrency markets.
According to a recent report by Yahoo, BlockFi had more than USD 1.2 billion worth of digital assets invested in FTX and Alameda during the FTX collapse. BlockFi, a cryptocurrency lending protocol and custodian, recently declared bankruptcy, citing its overexposure to the exchange as one of the key reasons for its insolvency.
The aftermath of the FTX collapse has resulted in widespread damage, and it continues to grab headlines. As the second-largest cryptocurrency exchange at the time of the incident, FTX had user funds worth billions of dollars tied up, which became suddenly inaccessible without warning.
