Cryptocurrency investors are thrilled by the prospect of earning $1575 per hour. A significant portion of these investors are from underdeveloped and developing countries, where such earnings can make them feel affluent. But how is this possible with crypto?
Earning $1575 Per Hour
Firstly, you wait for the collapse of America’s second-largest cryptocurrency exchange. As investors begin to loudly voice their protests while waiting for billions of dollars in receivables to be paid, you must do everything you can to be appointed as the trustee of this wreckage. Then, like John Ray, you can start earning $1575 per hour.
FTX creditors have not yet been able to collect their payments. Worse still, at the request of the FTX Bankruptcy Committee, payments will be made in fiat currency, not crypto. The reason this infuriates investors is that payments will be made at the exchange rates at the moment the exchange closed. This means your basket of altcoins, which could have made dozens of times profit, will be returned to you at the size it was during the worst days of the bear market.
John Ray and His Salary
Amidst all this, John Ray, the head of the bankruptcy committee, continues to earn $1575 for every hour he works. According to a court document filed on Thursday, FTX CEO John J. Ray III received $1575 per hour last month for his work overseeing the exchange’s bankruptcy proceedings.
John, who appears to have worked 231 hours from March 1 to March 31, earned a total of $363,825. He attended face-to-face board meetings to discuss the restructuring of the bankruptcy during those 231 hours.
“Additionally, Mr. Ray is involved in creating and maintaining internal controls, addressing and managing employees and their concerns, and interacting with management in Japan, Europe, and other parts of the world.”
Years after the corporate collapse of Enron, the same individual was appointed to a similar position as with the FTX exchange. Even though the FTX CEO was sentenced to 25 years in prison, it is frustrating that the capital belonging to the company’s creditors is being diminished as a cost over extended periods.
