SBF claimed that the FTX exchange claimed that customers did not lose funds in the 2022 collapse, but current CEO John J. Ray III said this was wrong.
He said that when he took over, FTX was almost depleted of funds. Customers’ Bitcoin equity was nearly 100,000, but only 105 Bitcoins were left on the exchange. Although some assets have been recovered, Ray noted that some have disappeared, including bribes to Chinese officials and “hundreds of millions of dollars” spent by the SBF on various investments and buying access to celebrities and politicians.
Despite current plans to return client funds, many FTX clients remain “very unhappy” with the valuation of their funds. Because clients will be refunded based on the value of their portfolio at the time of bankruptcy, not today’s higher value.
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