A cryptocurrency company CEO has criticized the founder of the company in a letter to a federal judge ahead of the founder's sentencing next week. The CEO accused the founder of living in a 'life of delusion' and refuted claims that customers, lenders, and investors were not harmed by his actions.
The founder, who was convicted on fraud and conspiracy charges, was extradited to New York from the Bahamas for trial. His companies collapsed shortly after he reached a peak of success, which included high-profile endorsements and appearances.
The CEO highlighted that vast sums of money were stolen by the founder, leading to significant losses for victims. He emphasized that efforts to recover lost funds have been ongoing, but many victims may never be fully compensated.
Prosecutors alleged that the founder had stolen over $10 billion from various parties, and they are seeking a lengthy prison sentence. The founder's lawyer, however, has argued for a shorter prison term, citing potential reimbursements to those who suffered losses.
The CEO pointed out discrepancies in financial statements provided to victims and highlighted unrecoverable losses, such as bribes paid to officials and misrepresented cryptocurrency holdings. He criticized the founder's lavish spending and lack of remorse for the harm caused.
Overall, the CEO painted a grim picture of the founder's actions, describing them as harmful and lacking in accountability. The ongoing legal proceedings will determine the extent of restitution for victims and the founder's ultimate sentence.
