Sam Bankman-Fried asserted in a newly published document that FTX was solvent when it collapsed in November 2022, describing the situation as a liquidity crunch rather than insolvency. He said the exchange held $25 billion in assets against $13 billion in liabilities at the time, and claimed a recovery plan was on track to be resolved by the end of the month before outside lawyers took control.
According to his account, the intervention by external counsel derailed efforts to stabilize the platform. Bankman-Fried estimated that if those assets had not been sold, FTX and its affiliate Alameda Research would now hold about $136 billion.
Commenting on creditor compensation, Bankman-Fried said customers ultimately received more than their original balances and argued that delays were caused by legal actions. He added that, after all distributions, the platform still had $8 billion remaining.
The claims add a new twist to the ongoing post-collapse debate surrounding FTX’s finances, the nature of its failure, and the timeline and methodology for repaying customers.