New FTX CEO John Ray was paid $690k for his first weeks on the job, but I thought FTX was Bankrupt or was it all Lies? by onwugbenuvictor

hive-167922 · @onwugbenuvictor · Feb 7 '23

$17.83

New FTX CEO John Ray was paid $690k for his first weeks on the job, but I thought FTX was Bankrupt or was it all Lies?

First of all, with all the news popping up here and there, different findings coming up about FTX and them being bankrupt, I am forced to believe that FTX filing for Bankruptcy might just be a front and a scam not to pay their customers their money back stuck in the company unfortunately, because FTX has spent and is spending huge amounts of money since they claimed to be bankruptcy. 

![](https://images.ecency.com/DQmXWcXwAjohzf3giGJHFNr3F7Y6xtUoARUMEFkqqfABKo5/image.png)
[source](https://watcher.guru/news/new-ftx-ceo-was-paid-690000-from-crypto-exchange-last-year)

Just like how their disgraced former CEO of the collapsed crypto exchange FTX Sam Bankman-Fried said he has only $100k left in his bank account but was able to pay a $250 million loan to stay out of jail, where did the $249,900,000 come from, some news outlets said it was from his parents later that fact was disputed by another source and then they said it was from his personal funds, some things are not adding up in this FTX collapse and bankruptcy case.


# What Is Bankruptcy?

>**[Bankruptcy](https://www.investopedia.com/terms/b/bankruptcy.asp#:~:text=Bankruptcy%20is%20a%20legal%20proceeding,creditors%2C%20which%20is%20less%20common.) is a legal proceeding initiated when a person or business is unable to repay outstanding debts or obligations.**


Now, from what I understood from the definition of Bankruptcy above when you file for bankruptcy it means you can not or the business can not repay their outstanding debts in this case customers and creditors, now for a company that can not pay their outstanding debts, FTX has been spending in millions and maybe billions, making it incredibly hard to believe that they are Bankruptcy.

The company lost billions and claims they don't have any reserve based on the news I read, how can they now afford to pay a law firm that has 150 lawyers who charge between $810 to $2000 per hour and they work for 8 hours daily meaning the lawyers are going home with around $6,480 to $16,000 each or $972,000 to $32 million collectively and FTX can not pay their customers even though it is a portion of their money suck in FTX due to the collapse of the company.

To crown it all up the New FTX CEO John Ray III, was paid $690k for his first weeks on the job, and just like the Lawyers FTX pays him $1,300 per hour, while FTX customers are suffering the loss of their money that was invested into FTX and FTT its native token.


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