FTX’s new CEO collected $690,000 from the stock market that went bankrupt last year.
John J. Ray III replaced former CEO and co-founder Sam Bankman-Fried at the bankrupt crypto exchange FTX. It turned out that the new CEO has collected $690,000 since he took office last year.
Court Proceeds Reveal New CEO Is Collecting Money
There have been new developments in the case of Sam Bankman-Fried, the founder of the bankrupt cryptocurrency exchange FTX, which is still in court. Court records revealed that the new CEO, who replaced SBF, collected a large amount of money from the stock market in the first weeks of his term.
According to bankruptcy court hearings held Monday, FTX CEO John J. Ray III, who replaces former CEO Sam Bankman-Fried, has collected $690,000 from the bankrupt exchange for his first weeks in office.
Ray, an attorney who was previously known for leading efforts to save Enron, is at the forefront of FTX’s bankruptcy and the search for billions of dollars in assets it owes to creditors.
Ray joined FTX on November 11, 2022 and reached $690,000 hourly wages at the end of December. He told this to Judge John Dorsey in Delaware Bankruptcy Court. He previously stated to the court that he was being charged $1,300 an hour. Which means that Ray works up to 75 hours a week.
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