Saturday, September 30, 2023

FTX Employees Say Goodbye to Perks Like BMWs. Bankman-Fried Apologizes

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Since the collapse of crypto giant FTX, Bahamian employees have been out in the cold, some wondering about their next move after their dream job vanished.

Working for FTX, once valued at 32 billion dollars, meant a hefty salary, a right to company cars like BMWs and Jeeps, a daily intake of steaks and seafood for lunch, and the purchases of groceries bought by the company.

They never imagined the rapid collapse of the company that changed their lives. Now some are locked out of the company’s headquarters and said they cannot reach Vice President of Communications and Corporate Social Responsibility Valdez Russel, the company’s Bahamas liaison, Forbes reported.

An anonymous employee still working for the company said, “It’s messed up because in the Bahamas this has happened a couple of times. Big foreign entities come into town and we get these big things. Then the sh-tshow comes down.”

A current employee said he was bothered by Bankman-Fried’s incessant tweets. “He’s not taking it seriously. You’re writing this cryptic bullsh-t and the only thing you have to say is ‘sorry.’”

“It’s f-ked up man.”

Bankman-Fried who stepped down as CEO on Nov. 11, recently released an apologetic letter on Tuesday, to be shared among FTX’s employees.

“I didn’t mean for any of this to happen, and I would give anything to be able to go back and do things over again. You were my family,” he said. “I’ve lost that, and our old home is an empty warehouse of monitors. When I turn around, there’s no one left to talk to.

“I froze up in the face of pressure and leaks and the Binance [letter of intent to purchase FTX], and said nothing,” he said.

The letter continued, “Maybe there is still a chance to save the company.”

“I believe that there are billions of dollars of genuine interest from new investors that could go to making customers whole. But I can’t promise you that anything will happen, because it’s not my choice.”

John Ray, who was at the center of Enron bankruptcy filings, is now the CEO of FTX and while at FTX bankruptcy filings, revealed corporate failings at the exchange headquartered in the Bahamas.

Bankman-Fried revealed in tweets that he was “reluctant” to file bankruptcy but was “pressured” to do so.

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