May 19, 2024

Popular pro-XRP attorney John Deaton has expressed strong criticism against those showing sympathy for Sam Bankman-Fried (SBF), the former CEO of FTX. The attorning aired his view on X, stating that those groups trying to understand the plight of the former CEO shouldn’t hold other people’s money. 

Pro-XRP Attorney Opposes SBF’s Supporters

In his recent X post, Deaton highlighted the points some individuals use to rationalize SBF’s fraud. According to him, those who argue that he is a human being who made mistakes or that the crypto exchange grew faster than he could handle are not well-suited to manage financial matters. 

Also, he stated that they should not be allowed to air their thoughts on prominent social media like CBS’s 60 Minutes. Notably, even after the bankruptcy filing of FTX, SBF has continued to engage in a series of interviews and is often depicted as a crypto hero. 

However, online news sites have revealed that Sam Bankman-Fried still faces seven counts of conspiracy and fraud. As a result, some members express disappointment given the charges facing SBF. However, others show concern and support for him through different media channels.

These ongoing events highlight a division in the crypto community’s reaction towards the SBF fraudulent saga. However, Deaton believes that SBF and his parents, Joseph Bankman and Barbara Fried, are all involved in the fraud. The attorney said, “Yes, his parents are 100% complicit.” 

New FTX Leadership Recovers Over $7 Billion, Reveals Data on Previous Management.

Amid these developments, the new leadership of the FTX exchange has successfully recovered over $7 billion in assets. The current FTX CEO, John Ray, revealed this information in the June 26 FTX Debtors’ second interim report.

Notably, the total amount owed to FTX debtors, including FTX and affiliates, is estimated at $8.7 billion. Of this figure, approximately $6.4 billion was in stablecoins and fiat currencies, which the exchange did not separate in its accounting.

According to the report, the commingling and misusing of customer deposits was deliberate, which the leadership concealed, supported by a senior FTX Group attorney. The report also gave a visual representation of the flow of FTX customer primary deposits up to its release date, highlighting the extent of the chaos for the firm. 

As detailed in the report, the scheme occurred through deceptive tactics, including misrepresentations to banks and various false claims. Interestingly, even former CEO Sam Bankman-Fried’s statements to the United States Congress were found to be part of this misrepresentation. 

The report repeatedly pointed out the involvement of an unidentified senior attorney at FTX, noting that this attorney had fired a junior attorney who had raised concerns about the company’s deceptive practices.

It was also revealed that FTX’s senior executives, including SBF, Nishad Singh, Gary Wang, and Alameda Research CEO Caroline Ellison, informally monitored the undisclosed fiat currency liability to customers. 

Meanwhile, a report from Bloomberg noted that Standford University has decided to return all donations from FTX, which amounts to about $5.5 million. Their estimates placed this liability between $8.9 billion and $10 billion, slightly exceeding the estimate FTX Debtors provided.

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