FTX's Bankruptcy Chief Earns Over $360,000 in a Month Amid Crypto Crisis
FTX's John Ray III pockets $363,825 in March, steering the bankrupt crypto giant amid turmoil
John J. Ray III, now at the helm of FTX during its bankruptcy phase, earned $363,825 last month, breaking down to an hourly wage of $1,575, according to a court document.
In March, Ray clocked in 231 hours, playing a crucial role in the crypto exchange’s restructuring efforts.
Ray's duties were extensive, involving regular meetings and calls to strategize on bankruptcy restructuring.
He also focused on establishing control mechanisms, solving employee issues, and managing communications with teams worldwide.
His experience, notably from handling the Enron collapse, has been pivotal in dealing with FTX’s complexities, which he finds more challenging than Enron’s case.
Apart from managerial tasks, Ray contributed to the direction of AI firm Anthropic, charging $4,252.50 for his input.
This was part of a broader set of responsibilities that included reviewing legal documents and managing FTX’s stake in Anthropic, which is being sold for $884 million.
FTX's downfall in November 2022 left it owing customers over $8 billion. The situation worsened with the sentencing of former CEO Sam Bankman-Fried to 25 years in prison for fraud.
Ray, employed by his advisory firm Owl Hill, is the sole professional working for the debtors, highlighting his critical role in FTX's ongoing bankruptcy proceedings.
