SBF defends users that there is no loss! John Ray: FTX only had 105 Bitcoins left

As the sentencing of FTX founder SBF is imminent, lawyers on both sides are also launching sophistical attacks and defenses.

SBF Lawyer: Users have never suffered losses

According to legal documents, SBF lawyer representatives last week objected to the U.S. federal prosecutor’s harsh sentencing recommendation of 50 years in prison.

Lawyers made multiple claims, believing that the sentence proposed by the government was worrying. The concept of punishment held by prosecutors was too conservative, similar to medieval punishment methods, and was equivalent to the suggestion that the defendant be imprisoned for life. This caused a stir. widespread attention.

The document is also overtly hostile and distorts the facts to highlight the narrative of FTX user loss and paint SBF as a supervillain.

The lawyer said: The fact is that users have never suffered losses, there is zero harm to customers, lenders, and investors, and the assets have always existed. Each FTX user will receive compensation equivalent to each dollar, plus Interest. The judge should consider a maximum sentence of 6.5 years in prison.

There is something to be said about this restructured team.

Reorganizer John Ray: FTX only had 105 Bitcoins left at the beginning

According to CoinDesk, FTX’s current CEO John Ray strongly refuted the SBF lawyer’s statement, emphasizing that with zero losses, everything could have been completed The idea of ​​reimbursement is absolutely wrong.

John Ray said that when he took over, FTX only had 105 Bitcoins left, while customer claims were nearly 100,000 Bitcoins. Some assets, such as those used by SBF to bribe officials, can never be recovered.

Being able to repay in full now is entirely due to price increases and the tens of thousands of hours of hard work the bankruptcy team has spent. There is absolutely no such thing as "no need to file for bankruptcy."

John Ray pointed out that many FTX users are still very dissatisfied with the valuation of their claims, but with SBF committing huge fraud, user assets will never return to the currency standard level they could have achieved today.

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