FTX CEO accuses Sam Bankman-Fried of 'life of delusion'
John J. Ray III, the chief exec of the FTX estate, has filed a statement in Sam Bankman-Fried ’s sentencing to “correct material misstatements and omissions in the sentencing submission” made by Bankman-Fried’s team. Specifically, Ray challenged the narrative that Bankman-Fried’s team presented that “the money was there — not lost.” Ray described this claim as “categorically, callously, and demonstrably false.” Bankman-Fried and his team have been working to downplay losses from the collapse of FTX and Alameda Research, in part because any losses will likely affect his sentencing. No, FTX hasn’t recovered all funds and isn’t restarting soon Read more: FTX bankruptcy firm Sullivan & Cromwell tipped for Binance monitor role The letter details how the full FTX recovery that has been advertised is based on the value of assets when it declared bankruptcy. Many of these have significantly appreciated, m...