FTX CEO: Bankman-Fried Delusional About Not Needing Bankruptcy, Denying $8B Theft Ahead of Sentencing

FTX's new CEO says Sam Bankman-Fried is "living a life of delusion" about the exchange's bankruptcy not being necessary and denying stealing funds.

The CEO made the comments ahead of Bankman-Fried's sentencing next week for stealing $8 billion from FTX customers.

He said Bankman-Fried's thefts meant many accounts had fewer assets than customers believed.

Equity investors in FTX are also unlikely to recover much money.

Prosecutors want Bankman-Fried sentenced to 40-50 years in prison, while the defense argues for 5-6 years.