John J. Ray III, who is the new CEO of the now defunct crypto exchange FTX, told a judge in Delaware on Monday that he billed the exchange $690,000 for little under two months’ worth of work guiding the exchange through the bankruptcy process. According to prior FTX news, Ray previously disclosed to the court that he bills $1,300 per hour.
After the infamous founder of FTX, Sam Bankman-Fried, resigned as chief executive officer and filed for chapter 11 bankruptcy protection, Ray racked up a total of $690,000 in hourly fees from the 11th of November to the end of the month of December. In an effort to recoup billions of dollars worth of funds to reimburse FTX’s customers and creditors, he has been given the responsibility of supervising the bankruptcy process that FTX is going through.
Ray has stated in the past that he bills $1,300 an hour for his services, which indicates that he worked 75 hours per week while he was attempting to bring order to the company’s chaotic finances for nearly two months. Almost two decades prior, the Wall Street restructuring professional–who handled Enron’s bankruptcy–received an annualized salary of over $1.2 million while serving as chairman and CEO of the defunct energy giant. According to the claims, he was also successful in another bankruptcy case, when he racked up 156 billable hours over the course of two months and earned a total of $120,582 in compensation.
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