John J. Ray III, the CEO of FTX, received $1,575 per hour for his efforts in March, summing up to a total of $363,825. Court documents filed on Thursday detail Ray’s extensive work throughout the month, totaling 231 hours. He was in charge of leading weekly meetings and guiding the exchange through its restructuring efforts.
Ray’s efforts have been important in addressing internal control establishments, managing employee concerns, and cooperating with management across global locations, including Japan and Europe.
Additionally, he played a crucial role in overseeing cash, asset, and investment management while tackling data and systems-related challenges facing the debtors. He also oversaw the exchange’s PR and communication plans.
The collapse of FTX in November 2022, with debts exceeding $8 billion to its customers, marked a significant event in the cryptocurrency world. Ray, known for his work with Enron, said the FTX bankruptcy showed unmatched failures in company control and financial accuracy.
The recent court filings also reveal FTX’s decision to sell a significant portion of its stake in AI firm Anthropic, aiming to generate $884 million. This move comes alongside the sentencing of FTX’s former CEO, Sam Bankman-Fried, to 25 years in prison on multiple fraud charges.
