FTX Creditor Disputes John Ray’s Letter to SBF, Claims Misinformation

March 25, 2024 | by


In the midst of the ongoing FTX saga, a new twist has emerged as a creditor, Sunil, disputes the authenticity of John Ray’s letter to SBF, claiming it is laden with misinformation. The gravity of Sunil’s allegations is seismic, as it questions the supposed actions of FTX’s new leadership and their treatment of creditors. Instances such as the untimely offloading of Solana at a significantly lower price and the enigmatic Mysten saga only add to the skepticism surrounding the situation. Furthermore, Sunil highlights the alleged involvement of Sullivan and Cromwell in leaving a backdoor open, potentially allowing cryptocurrencies to vanish without a trace. However, John Ray’s counter-narrative aims to paint himself and his team as the heroes who have valiantly worked to salvage FTX from its dire state. The conflicting perspectives surrounding FTX’s bankruptcy and recovery efforts fuel this contentious dispute, leaving creditors divided on the path the exchange has taken.

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The Allegations: A Deep Dive

The FTX saga has taken a dramatic turn as Sunil, a creditor of FTX, has come forward with serious allegations against the company and its new leadership. These allegations have cast a shadow over the actions of FTX and have raised concerns about the mistreatment of creditors.

One of the most alarming allegations is that FTX offloaded Solana, a highly valued cryptocurrency, at a significantly lower price than its market value. While the market was thriving with Solana prices reaching $170, FTX allegedly sold the tokens for a mere $60. This move raises questions about FTX’s motives and whether they acted in the best interest of their creditors.

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Adding to the intrigue is the Mysten saga, a mysterious saga involving $1 billion. The details surrounding this saga remain unclear, but the implications for creditors are potentially significant. The lack of transparency and information surrounding this saga has only fueled further concerns and skepticism among creditors.

Further compounding these concerns is the revelation of missing Solana tokens. FTX, under new leadership, claimed to have 105 Bitcoins in their digital vault when John Ray took over as CEO. However, it was discovered that approximately 55 million Solana tokens were missing from FTX’s digital vault. This discovery has left creditors shocked and wondering what other surprises may be in store.

Another allegation revolves around an alleged backdoor left ajar by Alameda, another entity associated with FTX and spearheaded by Sam Bankman-Fried (SBF). This backdoor has created the potential for cryptocurrencies to vanish into thin air, making it nearly impossible for creditors to reclaim their assets. The involvement of Sullivan and Cromwell, an established law firm, in this alleged backdoor has only added to the intrigue and concern.

Speaking of Sullivan and Cromwell, their role in this saga has also come under scrutiny. Allegations suggest that Sullivan and Cromwell have been unhelpful in addressing the concerns raised by creditors. This lack of support has been likened to having a screen door on a submarine, rendering their assistance ineffective.

The Counter-Narrative: A Battle of Perspectives

In a letter defending FTX and its actions, John Ray presents a different perspective on the unfolding events. Ray presents himself and his team as heroes who have been working tirelessly to salvage what remains of FTX. According to Ray, their efforts have involved governance restructuring and asset protection measures comparable to the security of Fort Knox.

Ray’s narrative also highlights the role of Chapter 11 proceedings in FTX’s recovery. He argues that these proceedings have provided FTX with the necessary breathing room to bounce back and recover its assets. In his view, the court process has been instrumental in guiding FTX away from the rocks and toward a potential recovery that offers hope to creditors.


However, Sunil and his supporters view these claims with skepticism. They argue that the actions taken by FTX’s new leadership have not been in the best interest of creditors. They believe that a narrative is being constructed to deflect blame onto external forces and previous management, portraying the current efforts in a heroic light that may not be entirely deserved.

At the heart of this dispute lies a fundamental disagreement over the path FTX has taken since declaring bankruptcy. While some believe that the new management’s actions have been akin to rearranging deck chairs on the Titanic, with questionable decisions and a lack of transparency, others see a narrative of a phoenix rising from the ashes. They view Ray and his team as the architects of a miraculous recovery, working tirelessly to right wrongs and make creditors whole again.

FTX’s Alleged Mistreatment of Creditors

Under the leadership of John Ray, FTX has been accused of mistreating its creditors. Sunil and others argue that FTX, despite claiming to be a guardian angel, has failed to live up to this role. The offloading of Solana, a highly valuable cryptocurrency, at a significantly lower price than its market value is cited as evidence of this mistreatment. Creditors feel that this decision has directly impacted the value of their digital treasures and raises questions about FTX’s judgment and integrity.

The Offloading of Solana at a Low Price

FTX’s decision to sell Solana tokens at $60, despite a much higher market price of $170, has raised eyebrows among creditors. This move has been likened to selling an umbrella in the midst of a downpour, leaving many wondering why FTX would make such a decision. Creditors argue that this action directly impacts the value of their investments and raises concerns about FTX’s credibility and commitment to their best interests.

The Mysten Saga

The Mysten saga has left creditors perplexed and concerned. With $1 billion involved, the lack of clarity surrounding this saga has amplified fears among creditors. The implications of this saga for creditors are significant, as the potential loss of such a substantial amount of assets could have a devastating impact on their financial well-being.

The Missing Solana Tokens

The discovery of approximately 55 million missing Solana tokens from FTX’s digital vault has sent shockwaves through the creditor community. This revelation has raised questions about FTX’s ability to safeguard their assets and has left creditors uncertain about the security of their investments. The absence of these tokens raises concerns about the overall integrity of FTX and its ability to fulfill its obligations to its creditors.

The Alleged Backdoor Left Ajar by Alameda

The existence of an alleged backdoor through which cryptocurrencies could vanish has added yet another layer of complexity to the FTX saga. This backdoor, supposedly left ajar by Alameda, poses a significant threat to creditors’ ability to reclaim their assets. The involvement of Sullivan and Cromwell in this alleged backdoor has generated further concern and uncertainty among creditors.

The Role of Sullivan and Cromwell

Sullivan and Cromwell, an established law firm, have faced criticism for their alleged lack of support and unhelpfulness in addressing the concerns raised by creditors. Creditors have compared their involvement to having a screen door on a submarine – ineffective and incapable of providing the necessary assistance. The role of Sullivan and Cromwell in the FTX saga remains a point of contention and further complicates the resolution efforts.

John Ray’s Defense in His Letter

John Ray’s letter serves as a defense against the allegations leveled against FTX and its actions. Ray portrays himself and his team as heroes, working diligently to salvage what remains of FTX. Their efforts include governance restructuring and asset protection measures that are described as being as secure as Fort Knox. Ray’s letter seeks to counter the accusations against FTX and present a narrative of their commitment to making things right for the creditors.

The Narrative of a Miraculous Recovery

Amid the turmoil and allegations, a narrative of a miraculous recovery emerges. This narrative portrays FTX as a phoenix rising from the ashes, with Ray and his team at the helm. Their tireless efforts to right wrongs, chase down culprits, and make creditors whole again are presented as a beacon of hope in an otherwise tumultuous situation. Despite the skepticism and doubts raised by Sunil and others, the narrative of a miraculous recovery believes that FTX can overcome the challenges it faces and emerge stronger than ever.

In conclusion, the FTX saga is a complex and contentious affair. Allegations of mistreatment, questionable decisions, and missing assets have shaken the confidence of creditors. The counter-narrative presented by John Ray and his team seeks to provide an alternative perspective, portraying themselves as heroes and saviors. The battle of perspectives continues to divide the creditor community and leaves many uncertain about the future of FTX.

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