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FTX CEO billed $305,000 for February, bankruptcy lawyers cash in too

ftx-ceo-billed-305000-for-february-bankruptcy-lawyers-cash-in-too
Edited by
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FTX CEO billed $305,000 for February, bankruptcy lawyers cash in too

New FTX CEO John Ray III had a profitable February, with a payday of $305,000 according to new documents released to the public.

Attachment 1 of document 811 filed by Kroll — the firm overseeing the FTX bankruptcy — shows that the firm’s new CEO John Ray III has a hourly billing rate of $1,300 and cost the creditors $305,565 in February.

This follows other documents released by Kroll showing that the professionals working on the FTX bankruptcy case billed a total of $38 million plus expenses for the month of January. The administrators decided to keep Sullivan & Cromwell as counsel while Quinn Emmanuel Urquhart & Sullivan and Landis Rath & Cobb serve as special counsel.

Furthermore, consultancy AlixPartners primarily offers forensic analysis on decentralized finance (DeFi) products and tokens that FTX interacted with. Sullivan & Cromwell billed $16.8 million for January while Quinn Emanuel Urquhart & Sullivan billed $1.4 million, and Landis Rath & Cobb billed $663,995.

For a deep dive into the FTX disaster, feel free to consult ColdFusion’s video.

An interesting observation might be that despite the astonishing paygrades, the administration’s performance in managing FTX’s assets has been less than stellar.

According to a mid-January report, liquidators have incurred in over $4 million of preventable losses due to their — presumably caused by lack of understanding of DeFi protocols and products.