--- title: "The New CEO of FTX Blasts Sam Bankman-Fried for Lying to Get Out of Jail" description: "In a letter to the judge overseeing Sam Bankman-Fried's sentencing, FTX's new CEO argued he's \"living a life of delusion.\"" date: "2024-03-22" modified: "2024-03-22" authors: - name: "Victor Tangermann" job_title: "Senior Editor" link: "https://futurism.com/authors/victor" url: "https://futurism.com/new-ceo-ftx-sam-bankman-fried-lying" categories: - "Blockchain" - "Future Society" tags: - "cryptocurrencies" - "ftx" - "sam bankman-fried" --- # The New CEO of FTX Blasts Sam Bankman-Fried for Lying to Get Out of Jail ![In a letter to the judge overseeing Sam Bankman-Fried's sentencing, FTX's new CEO argued he's "living a life of delusion."]() *\Image: Michael M. Santiago/Getty Images\* Earlier this week, disgraced crypto CEO Sam Bankman-Fried tried to get his 40-to-50-year prison sentence cut down to just 6.5 years ahead of his sentencing on March 28. The original proposal to lock the 32-year-old away for likely the rest of his life "distorts reality," [he argued](), painting him as a "depraved super-villain." In documents submitted to the court, Bankman-Fried's [claimed that]() the "loss" and "harm" to his customers is "zero" — claims that were met with raised eyebrows, since the millennial's FTX crypto exchange [collapsed into rubble 2022](). Take his successor, FTX CEO John Ray, who couldn't disagree more. In a letter to the judge, [shared by *Ars Technica*](), Ray argued that Bankman-Fried made "demonstrably false" assertions and "continues to live a life of delusion." "Bankman-Fried was willing to consider any narrative, including wildly conflicting narratives, that could potentially save him from this day of reckoning," he wrote. Ray's comments make clear the degree to which the crypto exchange is actively trying to distance itself from Bankman-Fried. Under his leadership, the company dissolved into a [drawn-out trial]() that shook the entire industry. Documents [shown in court]() indicated that the former CEO and his collaborators stole billions of dollars from the exchange's users and [mishandled funds]() with no apparent sense of care. Roughly a year after FTX's collapse, the 32-year-old was [found guilty]() on all seven counts he was charged with, including wire fraud, conspiracy to commit wire fraud, and conspiracy to commit money laundering. The massive shakeup left the exchange in pieces, with billions of assets that had to be somehow handed back to investors. Ray, a veteran Wall Street bankruptcy lawyer, was quickly [appointed CEO]() to guide the company's Chapter 11 process. Ray also oversaw the messy bankruptcy proceedings of collapsed energy giant Enron in the early 2000s. In January, [negotiations to get FTX back online](), with potential bidders and investors balking at putting in enough funds to rebuild it. Regardless of whether the exchange has any future, defense attorneys are pushing for investors to be [fully compensated](). In his letter this week, Ray argued that Bankman-Fried is still culpable, even though many of the "things that he stole" were later recovered. "And there are plenty of things we did not get back, like the bribes to Chinese officials or the hundreds of millions of dollars he spent to buy access to or time with celebrities or politicians or investments for which he grossly overpaid having done zero diligence," the CEO wrote in his scathing letter. "The harm was vast. The remorse is nonexistent." Worse yet, customers are ticked off now that Bitcoin has [crushed all-time records]() this month. They don't want cash, as [*Axios* points out]() — they want their coins, which have risen considerably in value since FTX's collapse. "They believe they should receive something closer to today's value," Ray wrote. Only time will tell how the judge will rule next week. But considering the sheer amount of evidence stacked against Bankman-Fried, it's unlikely he'll get off lightly. **More on Bankman-Fried:** *[Photo Shows Sam Bankman-Fried in Jail With Former Bloods Gang Member]()* ## Author I've been at Futurism since 2017, where my role has evolved to encompass design, writing, and increasingly editing. I've always been fascinated by space exploration and advanced transportation, which I've leaned into by interviewing luminaries in those fields while closely following the dimensions of policy and regulation that allow next-generation projects to succeed -- or, sometimes, to fail. I'm also keenly interested in the effects of generative AI on society, policies, and democratic institutions, as well as clean energy, physics and biology, and the vagaries of tech leadership. My work for Futurism has been cited by publications including Ars Technica, Gizmodo, PC Magazine, Jalopnik, Fox News, and the New York Post. I spent my childhood living in locations including Manila, the Philippines, and Geneva, Switzerland, attended McGill University, and now live in Toronto, Canada. Before Futurism I worked at AskMen and a small photography studio. In my free time, I'm an avid gardener, foodie, and craft beer lover, as well as a maker of artisanal hot pepper sauces. I have a magnificent dog named Freida. ### Author social links [Bluesky]()