New FTX CEO Charged Crypto Exchange $690K Last Year: Hearing

John J. Ray III replaced former CEO Sam Bankman-Fried at the bankrupt crypto exchange.

AccessTimeIconFeb 6, 2023 at 5:07 p.m. UTC
Updated May 9, 2023 at 4:07 a.m. UTC

FTX’s replacement CEO for alleged crypto fraudster Sam Bankman-Fried, John J. Ray III, charged the failed crypto exchange $690,000 for his first weeks on the job, Ray told the bankruptcy court Monday.

Ray, an attorney previously known for leading the Enron recovery effort, has been directing FTX’s bankruptcy and its search for billions of dollars in assets owed to creditors.

Ray joined FTX on Nov. 11, 2022, and by the end of December had racked up $690,000 in hourly fees, he told Judge John Dorsey at the U.S. Bankruptcy Court in Delaware. He previously told the court he charges $1,300 an hour. That price breakdown indicates Ray worked 75 hours a week during his first months on the job – including on Christmas.

Jack Schickler contributed reporting.


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