I wouldn't say any of the wires are frayed... but I can't say they're in great shape. In fact, a couple of them look rather burnt.
That bare wire coming out of the transformer seems to be some kind of ground, I believe. That big white wire is a temporary power cord to the phono, by the way. I've been wanting to buy some vintage-style wires but the only place I know that has them doesn't take PayPal, and since the wires are sort of pricey, I've used whatever I had around for now.