John Ray took over in November, just after FTX founder Sam Bankman-Fried resigned. The tasks of the new director include overseeing the FTX bankruptcy process, and most importantly, the return of funds to customers and creditors.
The new head of the crypto exchange said that his hourly rate is $1300. And he worked an average of 75 hours a week.. The hired manager earned $690,000 from November 11 to the end of December 2022.
The media calls Ray a veteran business restructuring. He has overseen bankruptcy cases for major companies such as Nortel, Enron and Overseas Shipholding.
In December, the director accused former FTX executives of “going wild” by spending more than $6 billion.
In mid-January, Ray met with members of the Unsecured Creditors Committee (UCC) and said that the working group found about $5.5 billion in liquid assets from FTX, including $1.7 billion in cash, $3.5 billion in cryptocurrencies and $300 million in securities.