<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/ftx-ceo-challenges-bankman-frieds-defense-strategies-ahead-of-sentencing">FTX CEO Challenges Bankman-Fried’s Defense Strategies Ahead of Sentencing</a><br></p>
<p style="text-align: justify"> In recent developments, John Ray III, CEO and chief of FTX’s restructuring, has publicly opposed the attempts by Sam Bankman-Fried’s legal team to diminish his punishment. Through a letter to Judge Lewis Kaplan on March 20, Ray sought to rectify the inaccuracies in Bankman-Fried’s plea for a lenient sentence, emphasizing the ongoing detriment to FTX users and millions of creditors. </p> 
<h2 id="john-ray-iii-defends-ftx-creditor-interests">John Ray III Defends FTX Creditor Interests</h2> 
<p style="text-align: justify"> Ray’s letter was a response to claims made on March 19 by Bankman-Fried’s defense, arguing that the proposed sentencing range of 40 to 50 years was unduly severe. Ray refuted Bankman-Fried’s propositions that FTX remained solvent during its bankruptcy and that no financial losses were incurred. He insisted that customers have suffered significantly due to Bankman-Fried’s so-called altruistic operations. </p> 
<h2 id="comprehensive-recovery-efforts-underway">Comprehensive Recovery Efforts Underway</h2> 
<p style="text-align: justify"> Since assuming control over FTX in November 2022, Ray has led a team of lawyers in recovering assets, collaborating with probes, and strategizing the maximization of creditor returns. Despite these efforts, Ray acknowledges that the damage from Bankman-Fried’s illicit actions cannot be undone. He revealed that upon his takeover, FTX possessed a mere 105 Bitcoins against claims to about 100,000, questioning the disappearance of such assets. </p> 
<p style="text-align: justify"> Ray also criticized Bankman-Fried’s public relations maneuvers, which included shifting blame to the post-bankruptcy team while simultaneously expressing a wish to aid in compensating creditors. The final judgment for Bankman-Fried is expected to be passed on March 28 at his upcoming trial.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/ftx-ceo-challenges-bankman-frieds-defense-strategies-ahead-of-sentencing">FTX CEO Challenges Bankman-Fried’s Defense Strategies Ahead of Sentencing</a></h5>

FTX CEO Challenges Bankman-Fried’s Defense Strategies Ahead of Sentencing

Table of Contents

BH NEWS

Other articles published on Mar 21, 2024

UNUS SED LEO (LEO) and Dai (DAI) Supporters Join Kelexo’s (KLXO) Presale, Anticipating Notable Re...

Celsius targets $2B in withdrawals to aid bankruptcy resolution

Progress Expected in US Stablecoin Legislation Before Elections

TradFi Wall Street firms pushing for Ether ETF approval, says former Binance Labs head

Cardano Luminary Foresees Technological Revolution By 2030

Investors Eye IMX Token Release as Market Prepares for $212 Million Unlock

Join our free newsletter for daily crypto updates!