Sam Bankman-Fried, the founder of the bankrupt FTX exchange, claimed his platform was never truly insolvent but merely caught in a liquidity crunch.
In a 14-page document dated Sept. 30, 2025, the former FTX CEO claims that the exchange always had enough assets to repay customers, arguing that the ensuing bankruptcy was triggered by panic withdrawals rather than an actual balance sheet deficit.
According to Bankman-Fried, customers will ultimately receive between 119% and 143% of their owed funds, with 98% already repaid 120%. He insists that FTX’s $8 billion customer liabilities “never left,” and that even after covering legal fees of roughly $1 billion, the estate still holds $8 billion in remaining assets.
The document states that there were enough assets with FTX to pay the creditors in November 2022, as well as today. [SBF says:]
This is where the money went. https://t.co/HVRwEw5Z1k https://t.co/5DrA13L5YE pic.twitter.com/O6q77DvmTn
— SBF (@SBF_FTX) October
We współpracy z: https://www.coinspeaker.com/ftx-was-never-insolvent-claims-sbf/
