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SBF says FTX had $8B left, blames lawyers for bankruptcy chaos
Sam Bankman-Fried’s (SBF) team has reignited controversy surrounding the collapse of FTX, asserting that the crypto exchange was never insolvent. In a document shared on October 31, the group claimed that FTX’s total petition-date holdings reached an estimated $136 billion, arguing that the bankruptcy proceedings were unnecessary and mismanaged by external counsel.
The team maintains that FTX was solvent at the time of its bankruptcy filing in November 2022, with customer assets still intact on the exchange. According to their statement, the company’s lawyers allegedly forced the bankruptcy process, which they say “decimated” the firm’s structure and derailed efforts to stabilize liquidity.
FTX team says all creditors could be fully repaid
The SBF team claims that $8 billion in customer liabilities and $1 billion in legal fees have already been covered, while the estate still retains $8 billion in assets nearly three years after the collapse. Citing data from the document, they report that 98% of creditors have been repaid 120%, and all remaining creditors are projected to receive between 119% and 143% reimbursement.
The team also emphasized that FTX’s crisis stemmed not from insolvency but from a temporary liquidity shortfall. They claim that customer deposits totaling roughly $20 billion from seven million users were in the process of being balanced before control was seized by legal representatives. “It was on track to be resolved by the end of the month – that is, until FTX’s external counsel seized control,” said Bankman-Fried in the statement.
However, the broader crypto community has reacted with skepticism. Critics accused SBF’s team of spreading misinformation and attempting to rewrite history ahead of ongoing legal proceedings. Many called for authorities to dismiss any notion of leniency, arguing that public trust in the disgraced FTX founder remains virtually nonexistent.
A divided community and the road ahead
While the SBF team’s claims paint a picture of mismanagement rather than fraud, industry analysts have noted that FTX’s bankruptcy process remains one of the most complex in crypto history, involving extensive asset recovery efforts and international legal disputes.
FTX was once one of the largest crypto exchanges globally, known for its sophisticated trading interface, derivatives products, and liquidity solutions that attracted millions of users worldwide. Its abrupt collapse in late 2022 triggered a regulatory reckoning across the digital asset industry, prompting stricter oversight of crypto exchanges.
With ongoing litigation and conflicting narratives, the question remains whether new evidence will alter the public and judicial perception of FTX’s downfall — or if the company’s fate is already sealed in the court of public opinion.
Read also: Apple AI expansion seen adding $1.5 trillion market value, Dan Ives predicts
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