John J. Ray III Shuts Down SBF's Public Statements With Official Statement

Sam Bankman-Fried’s latest Twitter rampage has drawn a swift and pointed response from FTX’s new leadership. On November 16, the bankrupt exchange’s official account released a statement from newly appointed CEO John J. Ray III making clear that the former founder has zero authority to speak for the company or its subsidiaries.

The timing couldn’t be more stark. Just two days earlier, Bankman-Fried had kicked off an unusual 40-hour Twitter marathon that eventually spelled out “What HAPPENED” across a string of nine tweets. In his thread, he claimed he was in talks with regulators and wanted to “make things right with customers.” Things escalated further when he began publicly discussing FTX’s financial position, asserting the exchange was leveraged at around $13 billion—significantly higher than the $5 billion figure he’d previously cited.

The Context: How FTX Collapsed

The cryptocurrency exchange’s implosion unfolded with breathtaking speed in early November. A cascade of revelations and strategic missteps culminated in FTX and approximately 130 of its global subsidiaries filing for Chapter 11 bankruptcy protection on November 11. That same day, John J. Ray III assumed the role of CEO and chief restructuring officer, tasked with salvaging what remains.

Ray’s appointment signals serious business. His track record includes overseeing the bankruptcy of Enron, the energy conglomerate that once held $63.4 billion in assets and held the distinction of being the largest corporate bankruptcy filing in U.S. history at the time. His mandate at FTX is similarly massive—restore credibility and attempt to recover funds for affected customers and creditors.

The Statement’s Significance

By releasing a formal statement clarifying that Bankman-Fried holds no position and speaks for no one at FTX, Alameda Research, or FTX US, Ray is drawing a clear line. It’s a necessary move to prevent former leadership from continuing to shape the narrative around what went wrong—and potentially complicating the recovery process ahead.