FTX CEO John Ray has harsh words for Sam Bankman-Fried

Sam Bankman-Fried is facing over 100 years in prison

FTX CEO John J. Ray III, who is representing the creditors seeking billions in restitution from the defunct crypto trading firm, submitted on their behalf a victims' statement to Judge Lewis A. Kaplan ahead of Sam Bankman-Fried's sentencing on March 28, 2024. Bankman-Fried was convicted on seven counts of defrauding investors. 

Ray did not mince words, poking holes in the sentencing submission given by Bankman-Fried in which he claimed FTX debtors made false claims. Ray describes in his letter how his team was handed a "dumpster fire" to reorganize. 

READ FTX CEO JOHN J. RAY III's letter: 

LIVE CRYPTO PRICES: FOXBUSINESS.COM

During congressional testimony in 2022 ahead of Bankman-Fried's conviction, Ray revealed a massive lapse of corporate governance at FTX overseen by Bankman-Fried himself, which included the co-mingling of funds with sister company Alameda Research. 

FTX AND SAM BANKMAN-FRIED'S TRIAL: THE PLAYERS

FTX CEO John Ray III testifies before the House Financial Services Committee

John Ray speaks during a House Financial Services Committee hearing investigating the collapse of FTX in Washington, D.C., on Dec. 13, 2022. (Al Drago/Bloomberg via / Getty Images)

INSIDE SAM BANKMAN-FRIED'S SENTENCING

Bankman-Fried, whose net worth was over $20 billion, before the FTX collapse, is banking on the rebound of bitcoin. It has risen to nearly $70,000 from the $15,000 level. It's unclear how or if a bitcoin bounce could play a role in a lighter sentence should more victims get their money back. 

GET FOX BUSINESS ON THE GO BY CLICKING HERE