[dlp211]

But they are going to be made whole, or nearly so. It may take a while, but the guy they brought in to untangle FTX is the same guy that untangled Enron. He's said that FTX always had enough assets to cover its obligation, at least on paper, it just sucked at keeping track of them.

[therealcamino]

Those are separate issues -- whether crimes were committed, and whether depositors will be made whole eventually. If some of the bets they illegally made end up paying off, enough to reimburse the people who trusted them, that doesn't mean it was legal or ok to take that money to make their own bets with in the first place.

And while John Ray did say they were bad at record keeping, he also said that “This is just old fashioned embezzlement, taking money from others and using it for your own purposes,” he said. “This is not sophisticated at all.”

[StressedDev]

He never said FTX had enough assets to repay its creditors. Even worse, many of FTX’s assets are worthless (the FTT tokens are a prime example of this).

What he said was he had never seen a company with such atrocious record keeping. BTW, the US government would not have charged Sam Bankman-Fried with fraud if the money was all there.