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- FTX CEO John Ray condemns Bankman-Fried’s opinion of no hurt in the course of the FTX collapse as false.
- Ray highlights omitted elements in Bankman-Fried’s declare such because the decreased worth of claims for victims.
- Ray additionally alleges lacking BTC doubtless utilized by Bankman-Fried, labels his way of life delusional.
In a latest authorized submitting, John J. Ray III, CEO of the bankrupt FTX alternate, disputed the claims made by former CEO Sam Bankman-Fried concerning the impression of the alternate’s collapse in 2022. Ray labeled Bankman-Fried’s declare of “zero” hurt to clients as reckless and false, setting the stage for a authorized showdown.
In keeping with Ray, Bankman-Fried’s defence group had argued towards the proposed jail time by claiming there have been “by no means losses” in FTX’s collapse, as creditor claims can be happy via chapter proceedings. Nevertheless, Ray countered this by stating that every of Bankman-Fried’s statements was categorically false and deceptive.
Ray additional elaborated on the complexities of asset restoration, asserting that Bankman-Fried’s optimism about returning misplaced worth in full neglected crucial elements. He emphasised that victims who held bitcoin in FTX on the time of collapse would doubtless obtain considerably lower than the present worth, citing a 400% discount as a result of distribution calculations being based mostly on the petition date.
Furthermore, Ray identified discrepancies in buyer accounts pointing to alleged “backdoor” borrowing from Alameda Analysis. He accused Bankman-Fried of residing in a state of delusion, highlighting the mismanagement of funds and private beneficial properties on the expense of FTX’s clients.
The authorized saga surrounding Sam Bankman-Fried has reached a crucial level as his sentencing approaches. Following a conviction by a New York jury for defrauding buyers of FTX and Alameda Analysis, Bankman-Fried faces the prospect of great jail time. With the sentencing scheduled for March 28, the conflict between FTX’s present management and its former chief provides one other layer of complexity to this high-profile case.
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