A scathing indictment has been penned by John Ray III, the current CEO and restructuring officer of the once-mighty FTX crypto exchange. This document, a victim impact statement, serves as a powerful condemnation of Sam Bankman-Fried, FTX's co-founder, who currently awaits sentencing for his crimes. Ray's words paint a grim picture for the millions of FTX customers whose lives were upended by Bankman-Fried's fraudulent actions.

The statement, filed with Judge Lewis Kaplan on March 20th, fiercely contests attempts by Bankman-Fried's legal team to lessen the severity of his potential punishment. Ray accuses the defense of presenting "material misstatements and omissions" in their sentencing submission, essentially whitewashing Bankman-Fried's role in the FTX debacle.

This rebuttal comes on the heels of a plea from Bankman-Fried's lawyers on March 19th, who argued that the 40-to-50-year sentence proposed by the US government prosecutors was excessively harsh. In stark contrast, Ray characterizes these claims as "categorically, callously, and demonstrably false." He goes on to assert that Bankman-Fried's assertions of FTX's solvency at the time of its collapse, and the absence of any financial losses, are demonstrably untrue.

Ray's statement delivers a potent blow, highlighting the devastating impact on FTX's customers. He poignantly expresses that "Customers still will never be in the same position they would have been had they not crossed paths with Mr. Bankman-Fried and his so-called brand of ‘altruism.’”

The depth of the devastation becomes even clearer when Ray details the arduous task of salvaging the wreckage left behind by Bankman-Fried. He describes leading a team through over a year of arduous work, metaphorically "stewarding the estate from a metaphorical dumpster fire." Despite their efforts, Ray acknowledges the limitations of this recovery, noting that it can never fully compensate for the "immense harm" inflicted by Bankman-Fried's crimes.

The extent of the financial losses suffered by FTX's customers is further underscored by Ray's stark comparison. He reveals that upon taking over as CEO, he discovered a mere 105 Bitcoin (BTC) remaining in FTX's coffers. This figure stands in stark contrast to the nearly 100,000 BTC that rightfully belonged to FTX customers. A haunting question hangs heavy in the air – "Why were the Bitcoins missing?" Ray asks, before delivering a chilling answer: a jury has "concluded beyond a reasonable doubt that Mr. Bankman-Fried stole them and converted them into other things."

The statement further reveals Bankman-Fried's duplicitous nature. In the aftermath of the bankruptcy, Ray exposes Bankman-Fried's alleged consideration of contradictory PR strategies. One strategy involved scapegoating the restructuring team, while simultaneously feigning a desire to collaborate with them to compensate creditors.

Ray emphasizes a crucial point – the recent crypto market surge has allowed some assets to rebound in value, but this resurgence is solely due to the legal protections afforded by FTX's Chapter 11 bankruptcy filing.

The statement concludes with a powerful final sentence, leaving no room for ambiguity: "Make no mistake; customers, non-governmental creditors, governmental creditors, and non-insider stockholders have suffered and continue to suffer."

While Bankman-Fried's defense team portrays a proposed 40-to-50-year sentence for a "non-violent offense" as "medieval," and pushes for a significantly reduced sentence of five to six and a half years, the true cost of his actions is far steeper. Bankman-Fried was found guilty on seven charges of fraud and money laundering in relation to the US government's case against him. These convictions represent a year of financial devastation for millions, a devastation that may never fully be undone. His sentencing is scheduled for March 28th.