John Ray III, the boss of FTX, a place where people trade digital money, is really against making Sam Bankman-Fried’s time in jail shorter. He talks for FTX and many people who lost money because of fraud, trying to fix wrong info given for Bankman-Fried’s court case.

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• FTX’s leader, John Ray III, doesn’t want Sam Bankman-Fried to have less jail time and talks about how the victims are still hurting.
• John Ray III disagrees with saying FTX was okay with money during its tough times, calling those claims totally wrong.
• Before Sam Bankman-Fried’s court day, lots of stories from people hurt by FTX’s problems were shared, showing how much they lost and how sad they are.

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FTX Boss Says No to Making Bankman-Fried’s Jail Time Shorter, Talks About Hurt Victims

Bankman-Fried’s lawyers said he shouldn’t be in jail for 40 to 50 years because he didn’t hurt anyone physically. They think he should only get 5 to 6 and a half years. But, John Ray III says that’s not true, especially saying FTX was doing fine with money and no one lost anything, which he says is totally not true.

John Ray III worries that the people who lost money because of the fraud won’t be able to get back to how they were before financially. He has been working hard with his team to fix things at FTX since November 2022. They hope to give back a lot of value to the people who lost money. But still, he knows they can’t make everything okay again after what happened.

He also talked about how 105 Bitcoins just disappeared from FTX, even though they were supposed to have nearly 100,000 BTC for their customers. A jury found that Bankman-Fried took these assets wrongly.

John Ray III also pointed out how Bankman-Fried tried to blame the team fixing FTX, but also said he wanted to help pay back people who lost money. John Ray III says that filing for Chapter 11 bankruptcy helped FTX start to do better, especially when the price of digital money went up recently.

The Department of Justice shared many stories from people hurt by FTX’s problems before Bankman-Fried’s sentencing. These stories tell how much people lost, making them feel very sad and losing trust in handling money through systems like FTX.

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