Alameda Had ‘Secret Exemption’ From FTX Liquidation Protocols, New CEO Says

John J. Ray III, the new CEO of FTX who characterized Alameda as a “crypto hedge fund,” cited “the secret exemption of Alameda from certain aspects of’s auto-liquidation protocol” among a list of poor security and financial controls that have been uncovered since he took control of the company in the early hours of Nov. 11, shortly before it filed for bankruptcy in a U.S. court.