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Current FTX CEO criticizes Sam Bankman-Fried

Current FTX Chief John Ray named Sam Bankman-Freed's (SBF) arguments about his innocence in the company's collapse are “reckless” and “false.”

Previously, lawyers for the ex-CEO of the exchange stated that in fact, the exchange’s clients did not suffer any losses, since after the bankruptcy procedure everyone would receive a full refund.

The defense also proposed to reduce the sentence to five to six years in prison, instead of the 40-50 years proposed by the prosecutor.

“I can assure the court that each of these statements is categorically reckless and patently false. Clients would never find themselves in the same position they were in if they had not crossed paths with Bankman-Fried and his so-called brand of “altruism,” Ray said.

He added that the return of assets is the result of the hard work of dedicated professionals and not the SBF.

According to FTX CEO, Bankman-Fried is missing important return factors. For example, clients who stored Bitcoin on an exchange will receive a cash equivalent that is approximately 400% lower than the current value of the assets, since the refund amount is calculated at the exchange rate at the time of application.

However, many user accounts may be displayed incorrectly due to “black” borrowing from Alameda Research, Ray added.

“There are a lot of things we haven't gotten back, like bribes to Chinese officials or hundreds of millions of dollars spent to buy time with celebrities and politicians, or investments that [SBF] grossly overpaid, showing zero diligence,” he added.

According to the current head of FTX, at the time of his taking office, the company had only 105 BTC on its balance sheet with a debt of 100,000 BTC.

Ray added that Bankman-Fried “continues to live in delusion.” He also accepted the jury's guilty verdict.

Previously, the court received 29 letters of support for Bankman-Fried asking him to commute his future sentence, including from members of his family and his cellmate. The announcement of the verdict is scheduled for March 28.

Source: Cryptocurrency

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