He argues in court filings that anyone owed money by FTX "will eventually be paid in full". The US government says he's living in a fantasy land.
Last week, FTX's caretaker John Ray III, appointed to oversee the company's bankruptcy proceedings, reminded the court that his predecessor had masterminded a "colossal fraud”, lived a "life of delusion", and called Bankman-Fried's lawyers' claim that no one had been harmed "categorically, callously and demonstrably false".
Bankman-Fried faces sentencing today after being convicted of fraud and conspiracy to launder money in the multibillion-dollar collapse of his cryptocurrency exchange.
If given the maximum penalty, he would face 100 years in prison. His lawyers have asked for a six-year sentence. The US government wants to see the 32-year-old ex-CEO, who defrauded his own customers out of $8bn (£6.3bn), sentenced to 40 to 50 years.
As he awaits sentencing, key questions still remain: what happened to all the money from a business that was valued at its peak at $32bn and what, if anything, can creditors expect to get back?
FTX: new technology, oldfashioned embezzlement
The crypto entrepreneur laid a smokescreen, spending millions of customer funds on his lifestyle, drawing in politicians and celebrities with donations and endorsement deals, and fronting a pseudo-philosophy of "effective altruism" that boiled down to the greater the profits, the greater the good.
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