FTX CEO John Ray Denies Bankman-Fried’s Claims

FTX’s CEO John Ray III criticized the plea deal offered by founder Sam Bankman-Fried’s defense attorneys. Ray found Bankman-Fried’s claims misleading, stating that the users’ losses are ongoing and need to be rectified. Bankman-Fried’s attorneys claimed that the sentence period was excessively long. Opposition to Misleading Claims Ray emphasized that Bankman-Fried had the ability to pay off FTX’s debts and that the claims of no losses were clearly false, expressing that customers would not be in this position if they didn’t encounter Bankman-Fried. Important Steps in FTX’s Restructuring Ray disclosed managing a wide-ranging effort to bring FTX to a point where it can return value to creditors. He stated that the improvement does not make up for the significant losses due to Bankman-Fried’s crimes. During his time as CEO of FTX, Ray mentioned that the exchange only had 105 Bitcoins for every 100,000 Bitcoins on hand, attributing this to theft […]

FTX CEO John Ray Denies Bankman-Fried’s Claims

FTX’s CEO John Ray III criticized the plea deal offered by founder Sam Bankman-Fried’s defense attorneys. Ray found Bankman-Fried’s claims misleading, stating that the users’ losses are ongoing and need to be rectified. Bankman-Fried’s attorneys claimed that the sentence period was excessively long.

Opposition to Misleading Claims

Ray emphasized that Bankman-Fried had the ability to pay off FTX’s debts and that the claims of no losses were clearly false, expressing that customers would not be in this position if they didn’t encounter Bankman-Fried.

Important Steps in FTX’s Restructuring

Ray disclosed managing a wide-ranging effort to bring FTX to a point where it can return value to creditors. He stated that the improvement does not make up for the significant losses due to Bankman-Fried’s crimes.

During his time as CEO of FTX, Ray mentioned that the exchange only had 105 Bitcoins for every 100,000 Bitcoins on hand, attributing this to theft and fraud committed by Bankman-Fried.

Ray also noted that Bankman-Fried’s criticism of the restructuring team and conflicting offers to make payments to creditors exhibited a contradictory attitude. Bankman-Fried’s court case will conclude on March 28th.

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