No Loss for Users in SBF’s Defense, John Ray: Only 105 Bitcoins Left Upon Taking Over FTX
With the imminent sentencing of FTX founder SBF, lawyers on both sides have engaged in a cunning debate.
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Federal prosecutors argue for a sentence of 40 to 50 years of imprisonment for FTX founder SBF.
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SBF’s Lawyer: No Losses Incurred by Users
Reorganization Party’s John Ray: FTX Only Had 105 Bitcoins Left
SBF’s Lawyer: No Losses Incurred by Users
According to legal documents, SBF’s lawyer opposed the severe sentencing recommendation of 50 years of imprisonment proposed by the federal prosecutors last week.
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The lawyer put forth several arguments, stating that the government’s proposed sentence is unsettling, as the prosecutors adopted a medieval perspective on punishment, tantamount to a life sentence.
The document also exhibits obvious hostility and distorts the facts, portraying SBF as a super villain, emphasizing the narrative of FTX user losses.
The lawyer stated:
The fact is that there have been no losses incurred by users, and there has been zero harm to clients, lenders, and investors. The assets have always existed, and each FTX user will receive compensation equivalent to every dollar, plus interest. The judge should consider a maximum sentence of 6.5 years of imprisonment.
The reorganization team has something to say about this.
Reorganization Party’s John Ray: FTX Only Had 105 Bitcoins Left
According to CoinDesk reports, FTX’s current CEO, John Ray, strongly refuted the claims made by SBF’s lawyer, emphasizing that the claims of zero losses and full repayment capability are absolutely false.
John Ray stated that when he took over, FTX only had 105 bitcoins left, while customer claims amounted to nearly 100,000 bitcoins. Some assets, such as those used by SBF to bribe Chinese officials, are permanently irretrievable.
The full repayment now is solely due to the rise in prices and the efforts of the bankruptcy team, who have spent tens of thousands of hours. There is absolutely no such thing as “bankruptcy without filing.”
John Ray pointed out that many FTX users are still very dissatisfied with the valuation of their claims, but with SBF committing massive fraud, their assets can never reach the levels they could have achieved today.
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SBF
Further Reading
Financial Supervisory Commission: Bitcoin and Other Assets are Highly Volatile and Have No Intrinsic Value, Overseas Platforms Should be Used with Caution
Bitcoin ETF Sees Two Consecutive Days of Outflows, BTC Falls Below 61K, Registers Largest Daily Decline Since the FTX Incident
