FTX, the bankrupt crypto exchange, has recently been embroiled in accusations of fraud due to the alleged activities of former CEO Sam Bankman-Fried. In the wake of these allegations, FTX has appointed John J. Ray III as its new CEO, who was previously known for his successful handling of the Enron recovery effort.
Recently, Ray reported in bankruptcy court that he has charged FTX $690,000 for his initial weeks as CEO, as he made clear in a hearing on Monday. Ray informed the court that he charges $1,300 an hour, which would equate to him working 75 hours per week during the first months on the job – including on Christmas day.
FTX, however, insists that Ray’s appointment was necessary to help them with their bankruptcy proceedings and in their search for billions of dollars in assets owed to creditors. Ray’s extensive experience in handling bankruptcy cases has likely made him a valuable asset to FTX in this regard.
Regardless, the circumstances surrounding Ray’s hiring and high fee have been questioned by some, particularly given the recent scandals and accusations the company is facing. It remains to be seen if FTX will be able to recover from the alleged fraud and if Ray will be able to help lead the company to financial stability.
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