FTX executives were worried that everyone was going to quit and take time off.
The New York Times reviews internal exchanges about the collapse of FTX.
Three days after the text, FTX and Alameda Research filed for bankruptcy.
The CEO of the hedge fund Alameda Research sent a text saying she was worried that everyone would quit and take time off because of the collapse of FTX.
Ellison sent a text to a group chat with Ryne Miller, a top lawyer at FTX, after FTX faced a run on customer deposits in the wake of a report that Alameda Research, the hedge fund led by the FTX founder and former CEO Sam Bankman- Fried, was
A request for comment was not immediately responded to.
The day-to-day chaos that engulfed FTX as its executives scrambled to save the exchange is reflected in Ellison's text.
Insider previously reported that on the day Ellison sent the text, the company signed a nonbinding agreement to bail out FTX. On November 9, the day after the deal was announced, the company said it was walking away because of government investigations and news reports.
The exchange was reviewed by The Times. We can't continue this deal. There are a lot of issues. Cz.
Miller responded to Ellison's text by saying that FTX needed a professional manager with decision-making authority.
Chapter 11 was filed by FTX. FTX faced a complete failure of corporate controls, according to the company's new CEO. In his 40 years of handling bankruptcies, he had never seen a company as bad as this one.
About 130 companies affiliated with FTX filed for Chapter 11 protection.
Business Insider has an article on it.
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