Current FTX CEO John J. Ray III is pushing back against his disgraced predecessor Sam Bankman-Fried’s claims that customers lost “zero” money in the exchange’s 2022 collapse, calling them “categorically, callously, and demonstrably false.”
Bankman-Fried and his legal team have leaned heavily on the estate’s recovery, arguing in his February sentencing submission that the “harm to customers, lenders, and investors is zero” and, as such, Judge Kaplan should consider a maximum sentence of 6.5 years in prison – far less than the 40-50 year sentence recommended by prosecutors or the 100 year sentence suggested by the probation department.
Ray told the court that, when he took over, the exchange’s coffers were nearly empty – a mere 105 bitcoins remained on the platform, compared with the nearly 100,000 bitcoins customers were entitled to. “The harm was vast. The remorse is nonexistent,” Ray wrote in the Wednesday court filing. “Effective altruism, at least as lived by Sam Bankman-Fried, was a lie.”
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