FTX expects US to reduce bankruptcy claim to $3 billion to $5 billion

Crypto exchange FTX said it expects to negotiate U.S. government claims in its bankruptcy down to $3 billion to $5 billion, leaving no money for shareholders and contradicting a “reckless and false” claim by founder Sam Bankman-Fried that FTX’s collapse caused no harm.

FTX revealed those estimates in court documents on Wednesday in response to founder Sam Bankman-Fried’s claims that he should receive a light prison sentence because FTX will be able to repay its customers “in full”. Bankman-Fried was convicted in November of stealing $8 billion from FTX customers.