FTX's current CEO, John Ray III, is throwing cold water on Sam Bankman-Fried's claims that FTX customers lost nothing in the exchange's collapse. Ray calls these claims "delusional" and "demonstrably false."

The "Zero Loss" Myth: Bankman-Fried's defense hinges on the idea that FTX will eventually repay all customers. Ray acknowledges this possibility, but argues it doesn't erase the harm caused.

Empty Coffers and Lost Millions: Ray paints a grim picture of FTX's finances when he took over. The exchange had almost nothing left – just 105 bitcoins compared to the nearly 100,000 customers were owed. While some assets were recovered, others, like bribes and lavish spending by Bankman-Fried, are gone forever.

Beyond Money: The Human Cost: Ray emphasizes the emotional and financial devastation suffered by FTX customers. Many will never regain the financial standing they had before the collapse, even if they get their money back. Dozens of customer statements detail this hardship.

A Delusion of Altruism: Ray slams Bankman-Fried's portrayal of himself as a champion of "effective altruism." He argues these claims were a sham to disguise a criminal enterprise.

Seeking Justice: A Long Road to Recovery

While customers may eventually see their money again, the impact of FTX's collapse goes far deeper. Customers are angry, and Bankman-Fried faces sentencing on March 28th. This story isn't over, but Ray's statement makes it clear - the "zero loss" narrative is a fantasy.