SBF claims FTX was never insolvent, boasts $8B in customer assets

The handler of the X account belonging to Sam Bankman-Fried (SBF), the founder and former CEO of the beleaguered crypto exchange FTX, posted a link on X late Thursday to a 14-page Google Drive document asserting the exchange was never ￰2￱ to the document shared on the SBF_FTX account, the defunct crypto exchange did not collapse due to massive fraud or mismanagement, per the conclusion of prosecutors and jurors. “FTX was never ￰3￱ have always been enough assets to repay all customers, in full, in kind, both in November 2022 and today,” the shared note ￰4￱ paper insists that when attorneys placed the company under bankruptcy protection in Delaware in 2022, as reported by Cryptopolitan, FTX “was on track to resolve” its liquidity issues before being “disrupted by external counsel.” SBF says: This is where the money went. ￰0￱ ￰1￱ ￰5￱ — SBF (@SBF_FTX) October 31, 2025 At its peak, over seven million customers deposited around $20 billion on the ￰6￱ withdrawals surged in November 2022, FTX froze accounts and filed for bankruptcy with $8 billion still owed to ￰7￱ nearly two years, customers had seen little to no progress in recovering their ￰8￱ payouts and the ‘in-kind’ query Bankman-Fried’s camp claims around 98% of creditors have received 120% of their claims’ petition-date value, while the estate still holds $8 billion after paying out $8 billion in claims and another $1 billion in legal ￰9￱ reimbursement estate expects full repayments between 119% and 143%.

However, FTX repayments are being made in US dollar equivalents rather than in-kind crypto ￰10￱ means a customer owed 1 Bitcoin at the time of bankruptcy received about $17,000, the asset’s value on November 11, 2022, rather than 1 BTC ￰11￱ of the time of this publication, Bitcoin was trading at around $109,000, higher than the repayment value by about 550%, so many creditors have lost potential ￰12￱ Attorney General Todd Blanche mentioned the disparity in a policy memo, explaining that digital asset investors in bankruptcies such as FTX were “unable to benefit from corresponding gains that occurred during or after the period in which they were victimized.” Bankman-Fried’s document says if FTX had not been placed into bankruptcy, the dollarization of claims would never have ￰13￱ could have withdrawn their assets or repurchased them immediately to never lose out on the crypto’s two-year ￰14￱ lodges sabotage accusations against attorneys Sullivan & Cromwell The document also lays the blame on FTX’s former legal counsel, Sullivan & Cromwell (S&C).

S&C became FTX’s primary external counsel in 2021 and “wrested control” of the company in November 2022 with the help of Ryne Miller, FTX US General Counsel and a former S&C partner, and Zach Dexter, CEO of FTX US ￰15￱ taking control of the firm, SBF claims, “S&C’s guy,” attorney John ￰16￱ III placed FTX and Alameda Research into bankruptcy and retained S&C as the firm’s own bankruptcy ￰17￱ filing accuses these lawyers of being “heavily incentivized” to initiate bankruptcy proceedings and to pay themselves directly from FTX’s ￰18￱ document also lambasted S&C for going behind Bankman-Fried’s back to contact federal prosecutors while he was still their client and CEO of ￰19￱ November 9, 2022, S&C attorneys allegedly informed the US Attorney’s Office for the Southern District of New York about concerns over FTX’s ￰20￱ cooperation, per SBF’s voice, helped authorities arrest him and secure guilty pleas from former executives Caroline Ellison and Gary ￰21￱ supposedly orchestrating the bankruptcy, S&C launched a campaign to blame Bankman-Fried for a financial implosion they themselves ￰22￱ opportunities to cash in on gains According to the document, FTX was generating $3 million daily and $1 billion annually when it was ￰23￱ also had stakes in artificial intelligence startup Anthropic and brokerage firm ￰24￱ Anthropic investment, which Ray reportedly dismissed as “just a bunch of people with an idea,” was sold for a $0.9 billion profit but is now estimated to be worth $14.3 ￰25￱ offloaded was holdings in Sui for under $100 million, an asset later valued near $1 billion at market debut and $2.9 billion today.

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