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Current FTX CEO Says Disgraced Fraudster Sam Bankman-Fried’s Remorse Is ‘Nonexistent’

FTX Trading CEO John Ray, in a scathing letter to Judge Lewis Kaplan, says disgraced FTX founder Sam Bankman Fried has been sentenced to less than 50% of his prison sentence. He claimed the memo made “callous” claims that were “patently false.” According to Ray, the damage caused by SBF was “enormous” and his remorse “non-existent.”

ars technica report Sam Bankman Freed, the titular founder of bankrupt cryptocurrency exchange FTX, is accused of repeatedly lying in his sentencing memorandum to avoid what he considers a “grotesque” maximum sentence of 110 years in prison. It is said that it has been done. In a detailed letter to Judge Lewis Kaplan, FTX Trading CEO John Ray said that despite prosecutors suggesting a 40- to 50-year sentence, – Alleged that Freed made several false claims to make himself look better and get his sentence reduced to just five to six years. Year.

FTX founder Sam Bankman Freed (second from left) is handcuffed and taken away by Royal Bahamas Police Officers in Nassau, Bahamas on December 13, 2022. (Mario Duncanson/AFP via Getty Images)

Ray said Bankman Freed “continues to live a life of delusion,” arguing that the most reasonable estimate of “losses” and “damages” to customers, lenders and investors is “zero.” It has said. In fact, Ray has worked tirelessly to recover $10 billion in lost funds. Ray emphasized the monumental task of dealing with these claims and reducing them to appropriate and “acceptable” amounts, and said Bankman Freed was “wrong” to assume it was a “breeze.” “That’s very wrong,” he said.

The letter also refutes Mr. Bankman Freed’s claims that FTX is “solvent and secure,” and says that Mr. Lay said that large sums of money were stolen by its disgraced founder, and that Mr. Lay’s assets were in real estate in the Bahamas. It pointed out that it has been converted into various assets, including cryptocurrencies and speculative ventures. Mr. Wray emphasized that while some assets were recovered through the efforts of dedicated professionals, many others were not, including bribes to Chinese officials and investments grossly overpaid by Bankman Freed. . The CEO said the damage was “severe” and that Bankman Fried’s remorse was “non-existent.”

Ray said Bankman Freed falsely claimed that FTX customers deserved “a full refund” and that they could help recover more value than the team that filed for Chapter 11 bankruptcy. It is said that he did. However, Ray argues that these petitions were necessary to stem the damage caused by Bankman Freed’s crimes, and that without them the recovery rate would have been significantly lower. The CEO also said that some victims are “very unhappy” about their stolen Bitcoin, as prices have recently reached all-time highs, and that they should receive something close to its value today. He also pointed out that he thinks so.

Mr. Ray further alleges that Mr. Bankman Freed actively worked to thwart the security of the assets, including by requesting the transfer of the assets to the Bahamas and the recovery of credentials to access the FTX system. There is. The CEO said the Chapter 11 team was only able to stop the bleeding by decapitating Bankman Freed, and that without their efforts billions of dollars would have been lost or stolen. He says there is no doubt that he is deaf.

read more Ars Technica is here.

Lucas Nolan is a reporter for Breitbart News, where he covers free speech and online censorship issues.

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