FTX CEO John Ray has harsh phrases for Sam Bankman-Fried

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FTX CEO John J. Ray III, who’s representing the collectors searching for billions in restitution from the defunct crypto buying and selling agency, submitted on their behalf a victims’ assertion to Choose Lewis A. Kaplan forward of Sam Bankman-Fried’s sentencing on March 28, 2024. Bankman-Fried was convicted on seven counts of defrauding traders. 

Ray didn’t mince phrases, poking holes within the sentencing submission given by Bankman-Fried through which he claimed FTX debtors made false claims. Ray describes in his letter how his staff was handed a “dumpster hearth” to reorganize. 

READ FTX CEO JOHN J. RAY III’s letter: 

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Throughout congressional testimony in 2022 forward of Bankman-Fried’s conviction, Ray revealed an enormous lapse of company governance at FTX overseen by Bankman-Fried himself, which included the co-mingling of funds with sister firm Alameda Analysis. 

FTX AND SAM BANKMAN-FRIED’S TRIAL: THE PLAYERS

FTX CEO John Ray III testifies before the House Financial Services Committee

John Ray speaks throughout a Home Monetary Companies Committee listening to investigating the collapse of FTX in Washington, D.C., on Dec. 13, 2022. (Al Drago/Bloomberg through / Getty Pictures)

INSIDE SAM BANKMAN-FRIED’S SENTENCING

Bankman-Fried, whose internet price was over $20 billion, earlier than the FTX collapse, is banking on the rebound of bitcoin. It has risen to just about $70,000 from the $15,000 degree. It is unclear how or if a bitcoin bounce might play a task in a lighter sentence ought to extra victims get their a refund. 

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