In the unfolding saga of the FTX bankruptcy, the Department of Justice (DOJ) filed numerous victim impact statements from FTX creditors ahead of Sam Bankman-Fried's (SBF) sentencing. The defense team for SBF has vehemently opposed the DOJ's recommendation for a 40 to 50-year prison sentence, labeling it as "disturbing" and akin to a "medieval" punishment, unsuitable for anyone but a "super villain". In a bid for leniency, SBF's lawyers have requested a downward variance from the proposed sentence to 63 months, citing last-ditch outreach efforts to entities like Justin Sun, Silverlake, and Mubadala for FTX's rescue. The current CEO of FTX, John J. Ray III, highlighted the dire state of FTX's finances upon taking over, with the exchange's coffers "nearly empty" and only 105 bitcoins left against the nearly 100,000 bitcoins owed to customers. Amidst the bankruptcy proceedings, the FTX estate faces an estimated $3 to $5 billion in US government claims. Additionally, a venture led by a former FTX executive has acquired $60 million in bankruptcy claims from affected users, while John Ray described SBF's defense as a "dumpster fire".
New FTX CEO says creditors wouldn’t be repaid if not for the “thousands of hours” of work by his team https://t.co/74vEkCsnuW
⚠️ FTX EXPECTS US TO REDUCE BANKRUPTCY CLAIM TO $3 BILLION TO $5 BILLION Full Story → https://t.co/LdAskX2sxb Crypto exchange FTX said it expects to negotiate U.S. government claims in its bankruptcy down to $3 billion to $5 billion, leaving no money for shareholders and…
FTX said it expects to negotiate US government claims in its bankruptcy down to $3 billion to $5 billion, leaving no money for shareholders and contradicting a 'reckless and false' claim by founder Sam Bankman-Fried that FTX's collapse caused no harm https://t.co/st0zcq0eqA https://t.co/9dvwNG7Cd2
FTX chief lays out all the ways SBF sucks in detailed court filing https://t.co/XCjEhctVhV
A venture led by a former FTX executive has effectively secured $60 million in bankruptcy claims from affected users https://t.co/WjHXfACiIt
A former FTX executive and a user of the bankrupt crypto exchange are among a group who built a platform that has bought $60 million in creditors' claims https://t.co/Zyaux4pIkB
FTX Was Down to Last 105 Bitcoins When Bankruptcy Rescue Crew Arrived: John Ray https://t.co/imFMbeZFcw via @coindesk @cheyenneligon
🚨JUST IN: US GOVERNMENT TO CLAIM $3-5 BILLION AGAINST FTX ESTATE PER COURT FILING
FTX estate faces estimated $3 to $5 billion in US government claims amid bankruptcy proceedings, court filing shows https://t.co/49NBCW7pGw
John Ray, the bankruptcy administrator for FTX (et al), took time out of his quite busy schedule to succinctly eviscerate SBF’s lawyers’ sentencing brief: https://t.co/QNOwb2x4hq
📣 Latest News: FTX victims will ‘never' be whole thanks to SBF's ‘dumpster fire' — John Ray #news #cryptonews #crypto
Current @FTX_Official CEO John J. Ray III told the court that, when he took over, the exchange’s coffers were nearly empty – a mere 105 bitcoins remained on the platform, compared with the nearly 100,000 bitcoins customers were entitled to. @SBF_FTX and his legal team have… https://t.co/lhIusjTeaV
'Why Were the Bitcoins Missing?': FTX Bankruptcy Lead Slams SBF's 'Delusional Defense ► https://t.co/3CxW8BS6Pm https://t.co/3CxW8BS6Pm
US prosecutor’s sentencing recommendation for SBF https://t.co/HMHPvECfUW
Sam Bankman-Fried's defense team pushed back against the DOJ's 40 to 50 year prison sentence recommendation in a new letter Tuesday, calling it "disturbing." https://t.co/zEnJHBx4tD
SBF's lawyers say the government's proposed 40-50 year sentence is "hostile" and suitable only for a “super villain" https://t.co/pmTU47kVfr
UPDATE: SBF LAWYERS OPPOSE THE PROPOSED MAXIMUM PRISON SENTENCE OF 50 YEARS FOR THE FTX FOUNDER, CALLING IT A "MEDIEVAL" PUNISHMENT THAT DOES NOT ACCURATELY REFLECT THE SEVERITY OF HIS CRIMES
Bankman-Fried docket: SBF's lawyers this evening filed a reply asking for a downward variance from 63 months and including this list of last-gasp FTX outreach ideas, from Justin Sun (with his own civil case by the SEC here @SDNYLIVE) through Silverlake to Mubadala https://t.co/jFdwFkZUDQ https://t.co/txhEhR3lhw
Sam Bankman-Fried's defense team pushed back against the DOJ's 40 to 50 year prison sentence recommendation in a new letter Tuesday, calling it "disturbing." @nikhileshde reports https://t.co/kHPjDaMSTn
The DOJ filed dozens of victim impact statements from FTX creditors on Monday, just over a week before Sam Bankman-Fried's sentencing. https://t.co/zIoOtCjfag