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FTX CEO John J. Ray III, who is representing nan creditors seeking billions successful restitution from nan defunct crypto trading firm, submitted connected their behalf a victims' connection to Judge Lewis A. Kaplan up of Sam Bankman-Fried's sentencing connected March 28, 2024. Bankman-Fried was convicted connected 7 counts of defrauding investors.
Ray did not mince words, poking holes successful nan sentencing submission fixed by Bankman-Fried successful which he claimed FTX debtors made mendacious claims. Ray describes successful his missive really his squad was handed a "dumpster fire" to reorganize.
READ FTX CEO JOHN J. RAY III's letter:
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During legislature grounds successful 2022 up of Bankman-Fried's conviction, Ray revealed a monolithic lapse of firm governance astatine FTX overseen by Bankman-Fried himself, which included nan co-mingling of costs pinch sister institution Alameda Research.
FTX AND SAM BANKMAN-FRIED'S TRIAL: THE PLAYERS
John Ray speaks during a House Financial Services Committee proceeding investigating nan illness of FTX successful Washington, D.C., connected Dec. 13, 2022. (Al Drago/Bloomberg via / Getty Images)
INSIDE SAM BANKMAN-FRIED'S SENTENCING
Bankman-Fried, whose nett worthy was complete $20 billion, earlier nan FTX collapse, is banking connected nan rebound of bitcoin. It has risen to astir $70,000 from nan $15,000 level. It's unclear really aliases if a bitcoin bounce could play a domiciled successful a lighter condemnation should much victims get their money back.
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