BLeP wrote:
Well there was a few things mentioned that SBF did. Put a bunch of money into some AI company. It’s up about 200%
Solana is up big time.
He also lost a shitload of the money. Just because a few may return a bit doesn't in any way lessen the fact he stole the money.
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“As the lead professional of a very large team who has spent over a year stewarding the estate from a metaphorical dumpster fire to a debtor-in-possession approaching a confirmed plan of reorganization that will return substantial value to creditors, I can assure the Court that each of these statements is categorically, callously and demonstrably false,” Ray said.
Ray said that his team had to spend “thousands of hours” dedicated to “digging through the rubble of Mr. Bankman-Fried’s sprawling criminal enterprise to unearth every possible dollar, token or other asset that was spent on luxury homes, private jets, overpriced speculative ventures and otherwise lost to the four winds.”
According to the letter, FTX only had 105 bitcoins left on the FTX.com exchange when Ray took over. Customer claims neared 100,000 bitcoins.
Quote:
“Recoveries to customers and creditors depends entirely on the voluntary subordination of over $9 billion in governmental claims for fines and penalties otherwise payable as a result of Mr. Bankman-Fried’s crimes,” he said.
Bankman-Fried lives a life of “delusion” if he believes that FTX was either solvent or safe when he left in November of 2022, Ray added.
Despite certain assets or investments rising in value — like FTX’s stake in Anthropic — Ray believes that the court should look closely at the damage done to former customers through the mismanagement of the exchange.
“I can clearly reflect on that time and I am quite confident that but for the work of a very large team of dedicated individuals, billions of dollars would have been lost or stolen and the recoveries to customers would be a fraction of their expected recovery,” he added.
