FTX chief John J. Ray III disputed former leader Sam Bankman-Fried’s claim that there was no harm to customers in the platform’s collapse.
FTX crypto exchange’s current chief John J. Ray III disputed former leader Sam Bankman-Fried’s argument that there was “zero” harm to customers in the platform’s disastrous collapse in 2022, calling the argument “reckless” and “false” in a new filing submitted Wednesday.
“I can assure the Court that each of these statements is categorically, callously, and demonstrably false,” Ray wrote in the Wednesday filing. “Customers will never be in the same position they would have been had they not crossed paths with Mr. Bankman-Fried and his so-called brand of ‘altruism,’” said Ray, adding that the level of asset recovery is a result of the hard work from dedicated professionals rather than Bankman-Fried.
“And there are plenty of things we did not get back, like the bribes to Chinese officials or the hundreds of millions of dollars he spent to buy access to or time with celebrities or politicians or investments for which he grossly overpaid having done zero diligence,” Ray said. “Mr. Bankman-Fried continues to live a life of delusion,” Ray said. “The ‘business’ he left on November 11, 2022 was neither solvent nor safe. Vast sums of money were stolen by Mr. Bankman-Fried, and he was rightly convicted by a jury of his peers.”
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