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Cetoex News – Coindesk has reported that New FTX CEO, John Ray III, was paid $690,000 from the crypto exchange last year. This news is according to a bankruptcy hearing that took place today. The company was amidst an unprecedented collapse when Ray took over the role of CEO for now-disgraced co-founder Sam Bankman-Fried in November of last year.

Ray is an attorney who gained some notoriety through his presence in the Enron recovery effort. Moreover, he inherited an exchange platform that had been engaging in one of the largest financial fraud schemes in history.

FTX CEO 2022 Salary Revealed

In a court hearing that took place today, it was revealed that new FTX CEO John Ray III charged the exchange $690,000 last year. This followed his appointment as CEO following Bankman-Fried’s departure in November. This is also coinciding with timeline of the platform’s bankruptcy filings.

Ray has been the primary entity in FTX’s bankruptcy efforts, as it answers to the billions in customer funds lost by the exchange. During the hearing that took place today, a breakdown of Ray’s salary compensation was revealed, showing just how much he took home amidst the consulted bankruptcy proceedings.

Joining the platform on Nov. 11, 2022, Ray had accrued $690,000 in hourly fees by the end of December. Moreover, Ray told the judge presiding over the hearing, John Dorse, his hourly rate of $1,300. The price breakdown then shows that Ray worked 75 hours a week during his first month as the company’s CEO. These hours also included working through the Christmas holiday.

The FTX collapse has undoubtedly been one of the messiest bankruptcy cases the crypto sector has ever witnessed. For many, the company seems unsalvageable, with little benefit to bankruptcy outside of the return of funds to its plethora of creditors.

NEWS BY – CETOEX NEWS

Cetoex News – For the general public, Sam Bankman-Fried’s FTX exchange did appear to be operating smoothly. However, when the exchange began to experience liquidity issues, Sam Bankman-Fried’s empire crumbled.

The demise of FTX impacted a number of businesses and sent shockwaves through the cryptocurrency community. SBF resigned as CEO after FTX declared bankruptcy. To bring FTX back to a stable condition, John J. Ray III was appointed as the new CEO of FTX. Now, according to the latest details that surfaced, SBF has tried to connect with Ray through email.

Sam Bankman-Fried wants to be helpful to Ray

SBF tried to connect with Ray through the mail with the subject line “Reconnecting.” SBF acknowledged that it had been a while since they spoke and said that things ended up on the wrong foot.

“I would really love to reconnect and see if there’s a way for us to have a constructive relationship, use each other as resources when possible, or at least vet things with each other.”

SBF also added that he would love to get on the phone sometime soon and chat. He had tried to contact Ray on January 2, 2023, through email. He included a link to a report about Alameda wallets becoming active and hoped that Ray and the team were behind the movements. He also wanted to meet up with Ray to say hi.

Sam Bankman-Fried’s lawyers had earlier requested the judge to not ban SBF from communicating with ex-colleagues.

NEWS BY – CETOEX NEWS