John Ray exposes ‘vast’ harm to FTX customers, counters SBF’s solvency claims
John Ray exposes ‘huge’ hurt to FTX customers, counters SBF’s solvency claims John Ray exposes ‘huge’ hurt to FTX customers, counters SBF’s solvency claims
John Ray III unearths FTX had handiest 105 BTC left against 100,000 buyer entitlements on the time of financial anguish.
U. S. Dwelling Committee on Monetary Services / Public Domain. Remixed by CryptoSlate
FTX CEO John Ray III has debunked Sam Bankman-Fried’s (SBF) claims about the stage of losses suffered by customers of the defunct alternate.
In a March 20 letter to Specialize in Kaplan, Ray stated Bankman-Fried’s statements were “categorically, callously, and demonstrably pretend” as a result of the alternate customers would “on no legend be in the same narrate they'd were had they now not crossed paths” with the convicted founder and his companies.
Over the final weeks, SBF’s lawyers contain called for a diminished reformatory sentence, arguing that the failed alternate used to be solvent at its financial anguish and that there were no tangible losses as the financial anguish court cases could well well make sure chunky restoration “with hobby” to all concerned parties.
‘Gigantic hurt’
Nonetheless, Ray countered these arguments, announcing the hurt performed to FTX customers used to be “huge,” and SBF has shown no remorse for his actions.
Ray stated:
“After I took over as CEO, there were handiest 105 bitcoins left on the FTX.com alternate, against buyer entitlements of practically 100,000 bitcoins. Why were the bitcoins missing?”
Ray explained that SBF’s theft of these resources prevents the bankrupt alternate from returning the resources to impacted customers “in-form” as a result of FTX did now not bask in the crypto that customers assumed used to be held of their accounts as of the time of financial anguish.
He added:
“Even the preferrred possible in the Chapter 11 proceeding will now not yield an real, chunky economic restoration by all creditors and non-insider equity merchants as if the fraud on no legend took house.”
Ray concluded that SBF has persevered to are residing a lifetime of “delusion,” including that the disgraced founder did now not fade a “solvent nor protected” industry on the time of financial anguish in 2022.
Restructuring efforts
In the meantime, Ray praised his restructuring crew for reworking “a metaphorical dumpster fire to a debtor-in-possession.”
In accordance with him:
“Things that [SBF] stole, issues he transformed into various issues, whether they were investments in Bahamas true property, cryptocurrencies or speculative ventures, were efficiently recovered thru the huge efforts of a devoted group of professionals.”
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's means. He imparts insights on a vary of issues like DeFi, hacks, mining and custom, underlining transformative vitality.
Liam 'Akiba' Wright
Most ceaselessly identified as "Akiba," Liam is a reporter, editor and podcast producer at CryptoSlate. He believes that decentralized technology has the aptitude to bear frequent sure trade.
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Bitcoin, a decentralized forex that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries through a watch-to-watch network.
FTX
FTX is a defunct cryptocurrency alternate, right now in financial anguish court cases, that used to be based by Sam Bankman-Fried and Zixiao “Gary” Wang in Might maybe well 2019.
Alameda Be taught
Alameda Be taught used to be as soon as a major trading agency, working as an arm of the failed crypto alternate, FTX.
John J Ray III is the Chief Restructuring Officer and now-appointed CEO of FTX, a cryptocurrency derivatives alternate.
Sam Bankman-Fried is the damaged-down CEO, and co-founding father of defunct crypto alternate FTX and Alameda Be taught.
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