Coindesk has reported that New FTX CEO, John Ray III, was paid $690,000 from the crypto exchange last year. This news is according to a bankruptcy hearing that took place today. The company was amidst an unprecedented collapse when Ray took over the role of CEO for now-disgraced co-founder Sam Bankman-Fried in November of last year.
Ray is an attorney who gained some notoriety through his presence in the Enron recovery effort. Moreover, he inherited an exchange platform that had been engaging in one of the largest financial fraud schemes in history.
FTX CEO 2022 Salary Revealed
In a court hearing that took place today, it was revealed that new FTX CEO John Ray III charged the exchange $690,000 last year. This followed his appointment as CEO following Bankman-Fried’s departure in November. This is also coinciding with timeline of the platform’s bankruptcy filings.
Ray has been the primary entity in FTX’s bankruptcy efforts, as it answers to the billions in customer funds lost by the exchange. During the hearing that took place today, a breakdown of Ray’s salary compensation was revealed, showing just how much he took home amidst the consulted bankruptcy proceedings.
Joining the platform on Nov. 11, 2022, Ray had accrued $690,000 in hourly fees by the end of December. Moreover, Ray told the judge presiding over the hearing, John Dorse, his hourly rate of $1,300. The price breakdown then shows that Ray worked 75 hours a week during his first month as the company’s CEO. These hours also included working through the Christmas holiday.
The FTX collapse has undoubtedly been one of the messiest bankruptcy cases the crypto sector has ever witnessed. For many, the company seems unsalvageable, with little benefit to bankruptcy outside of the return of funds to its plethora of creditors.