FTX CEO John J. Ray III Earns $1,575 per Hour Overseeing Bankruptcy Proceedings, Accumulating $363,825 in March Compensation

FTX CEO John J. Ray III Earns $1,575 per Hour Overseeing Bankruptcy Proceedings, Accumulating $363,825 in March Compensation

Crypto News – Last month, FTX CEO John J. Ray III earned $1,575 per hour for his oversight of the exchange’s bankruptcy proceedings, as per a court filing from Thursday.

Between March 1 and March 31, Ray put in 231 hours, accumulating a total of $363,825 in compensation. His responsibilities encompassed weekly conference calls, in-person board meetings to navigate the restructuring efforts amidst bankruptcy, and steering weekly calls and meetings. These duties were detailed in a monthly staffing report.

Moreover, Ray’s role extended to establishing and upholding internal controls, addressing employee concerns, liaising with management globally, managing financial assets, data systems, and overseeing public relations strategies for the debtors.

FTX’s collapse in November 2022 left customers owed over $8 billion. Drawing from his experience in dealing with corporate collapses like Enron’s, Ray had previously hinted at the severity of FTX’s situation, comparing it unfavorably to Enron’s downfall. In post-collapse filings, Ray emphasized the egregious failure of corporate controls and the dearth of reliable financial data at FTX.

Notably, Ray, through his advisory firm Owl Hill (formerly known as Greylock Partners), stands as the sole professional aiding the debtors.

In addition to his duties regarding FTX, Ray also provided guidance on the affairs of AI company Anthropic, reviewing documents and charging $4,252.50 for the service. This involved assessing draft complaints, claim statuses, and handling matters in Japan, among other tasks.

FTX recently disclosed plans to sell two-thirds of its stake in Anthropic for $884 million, as detailed in court documents from last week.

Former FTX CEO Sam Bankman-Fried was sentenced to 25 years in prison just last week on various criminal charges, including wire fraud and conspiracy to commit securities and commodities fraud, marking a significant development following FTX’s downfall.