The Block15 minutes ago

Published on March 21, 2024 01:55 GMT+00:00edited on March 21, 2024 02:01 GMT+00:00

FTX crypto exchange’s current chief John J. Ray III disputed former leader Sam Bankman-Fried’s argument that there was “zero” harm to customers in the platform’s disastrous collapse in 2022, calling the argument “reckless” and “false” in a new filing submitted Wednesday. 

In an earlier Tuesday filing, Bankman-Fried’s defense team argued against the prosecutors’ proposed prison time of 40 to 50 years that there were “never losses” in the FTX collapse, as creditor claims would be paid in full with the bankruptcy proceedings. Bankman-Fried’s lawyers previously requested a prison sentence of 63 to 78 months.

“I can assure the Court that each of these statements is categorically, callously, and demonstrably false,” Ray wrote in the Wednesday filing. “Customers will never be in the same …