The new CEO of a US cryptocurrency company has sent in his bill, for US$690,000 (CA$927,000) for two months of work, to save the company from bankruptcy.
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Between November 11, 2022, the day he took office, and the end of December, John J. Ray III racked up US$690,000 in hourly fees after FTX founder Sam Bankman-Fried resigned from his position and filed for bankruptcy protection, according to Markets Insider.
His responsibility was to oversee FTX’s bankruptcy process with the goal of recovering billions of dollars in funds to repay customers and creditors.
Ray had previously claimed in court that he charged US$1,300 per hour, or about CA$1,700, indicating that he had worked 75 hours a week during those two months.
“I’ve just never seen anything like it in 40 years of experience in corporate restructuring and legal work,” Ray testified in December, accusing his predecessors of “old-fashioned embezzlement.”