 
 
Sam Bankman-Fried’s X account posted a link to a document on late Thursday claiming that the FTX exchange “was never insolvent,” and that bankruptcy attorneys, not bad balance sheets, were to blame for the company’s spectacular implosion.
SBF Blames Bankruptcy Lawyers For “Decimating” FTX
In the lengthy 14-page document written by the former FTX chief and his team, the now-defunct exchange did not become bankrupt due to a comprehensive scheme to commit fraud and user fund misappropriation.
Instead, FTX encountered a “liquidity crisis” that was “on track to be resolved by the end of the month,” before being interrupted by “FTX’s external counsel,” who took control. The document continues to argue that “FTX was never bankrupt, even when its lawyers placed it into bankruptcy,” and could have repaid customers in full.
The statement echoed parts of an interview that Bankman-Fried gave while incarcerated in March, in which he told Tucker Carlson, “there was enough money” to pay back all creditors at the time that FTX collapsed.
The document argues that if bankruptcy lawyers had not liquidated assets that the firm had invested in, FTX and its sister company, Alameda Research, would have holdings valued at around $136 billion.
 
According to SBF, if FTX and Alameda still existed, the exchange’s FTT token would be worth approximately $22 billion.
Bankman-Fried, once the leader of the $32 billion FTX exchange, is currently serving a 25-year prison sentence after being convicted on seven felony charges related to the downfall of FTX and Alameda.
SBF’s latest X post is his latest attempt to gain political sympathy. According to previous reports, his parents and legal allies have been quietly lobbying for clemency from President Donald Trump.
Meanwhile, former Binance CEO Changpeng “CZ” Zhao was let off the hook last week after serving a four-month prison sentence in the United States.