1) I have a lot of sympathy for gov’t employees: I, too, have not checked my email for the past few (hundred) days
And I can confirm that being unemployed is a lot less relaxing than it looks
2) Firing people is one of the hardest things to do in the world. It sucks for everyone involved.
My experience:
a) it is usually not the employee’s fault that they got fired
b) it is usually correct to let them go anyway
3) More often, the problem is that the company just doesn’t have the right job for them.
4) I’d tell this to everyone we let go: that it was as much our fault for not having the right role for them, or the right person to manage them, or the right work environment for them.
5) Maybe we just didn’t really have anyone free to manage them right then. Maybe they worked best remotely, but our company communicated in-person. Maybe they wanted to work on a particular project, and it just wasn’t what the company needed.
6) Or maybe the department they worked for just had problems.
7) This happens, now and then. We saw it at competitors that hired 30,000 too many employees and then had no idea what to do with them—so entire teams just sat around doing nothing all day.
8) And we saw it internally, when a manager would get busy or distracted, and half of a department would lose its bearing at the same time.
9) It isn’t the employee’s fault, when that happens. It isn’t their fault if their employer doesn’t really know what to do with them, or doesn’t really have anyone to effectively manage them. It isn’t their fault if internal politics lead their department to lose its way.
10) But there’s no point in keeping them around, doing nothing.
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Today, I filed FTX, FTX US, and Alameda for voluntary Chapter 11 proceedings in the US.
2) I'm really sorry, again, that we ended up here.
Hopefully things can find a way to recover. Hopefully this can bring some amount of transparency, trust, and governance to them.
Ultimately hopefully it can be better for customers.
3) This doesn't necessarily have to mean the end for the companies or their ability to provide value and funds to their customers chiefly, and can be consistent with other routes.
Ultimately I'm optimistic that Mr. Ray and others can help provide whatever is best.
2) I also should have been communicating more very recently.
Transparently--my hands were tied during the duration of the possible Binance deal; I wasn't particularly allowed to say much publicly. But of course it's on me that we ended up there in the first place.
3) So here's an update on where things are.
[THIS IS ALL ABOUT FTX INTERNATIONAL, THE NON-US EXCHANGE. FTX US USERS ARE FINE!]
[TREAT ALL OF THESE NUMBERS AS ROUGH. THERE ARE APPROXIMATIONS HERE.]
Things have come full circle, and FTX.com’s first, and last, investors are the same: we have come to an agreement on a strategic transaction with Binance for https://t.co/DWPOotRHcX (pending DD etc.).
2) Our teams are working on clearing out the withdrawal backlog as is. This will clear out liquidity crunches; all assets will be covered 1:1. This is one of the main reasons we’ve asked Binance to come in. It may take a bit to settle etc. -- we apologize for that.
3) But the important thing is that customers are protected.
FTX keeps audited financials etc. And, though it slows us down sometimes on product, we're highly regulated.
3) We've already processed billions of dollars of deposits/withdrawals today; we'll keep going. (Taking up anti-spam checks to process more--sorry if you got those. We're hitting node rate capacity, will keep going.) Also tons of USD <> stablecoin conversions going on.