Finance

SBF Claims FTX Was Never Insolvent, Says Creditors Paid 120%

24 hours ago
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In a surprising twist, Sam Bankman-Fried (SBF) resurfaced on X this week with a detailed report claiming that FTX was never insolvent.

The post, shared via his account @SBF_FTX, argues that the exchange always had enough assets to repay all customers in full, and accuses bankruptcy lawyers of “destroying value” through mismanagement.

The report marks the most comprehensive rebuttal yet from the former FTX founder since his conviction. And it reignites a difficult question: was the collapse of FTX a true insolvency, or a liquidity crisis that spiraled out of control?

SBF Says FTX Had Enough to Cover All Claims

According to the report, FTX’s collapse was not caused by missing funds. Instead, SBF argues that the exchange held more than enough assets to cover the $8 billion in customer liabilities at the time of bankruptcy.

He claims that 98% of creditors have already been repaid 120%, with total recoveries expected between 119% and 143% of their original claims.

“FTX was never insolvent,” the report states. “The money never left. The $8 billion owed was always there, mismanaged, maybe, but not missing.”

The filing also claims that even after covering all customer repayments and $1 billion in legal fees, the FTX bankruptcy estate still holds $8 billion.

$136 Billion in Assets, “Destroyed by Mismanagement”

The 38-page document lays out a staggering asset list that SBF says was misused or sold off at fire-sale prices by bankruptcy administrators.

According to his report, FTX’s petition-date holdings are now worth about $136 billion, including:

$14.3B in Anthropic equity

$7.6B in Robinhood stock

$1.2B in Genesis Digital Assets

$600M in SpaceX (via K5 Global)

58M SOL worth around $12.4B

890M SUI valued at $2.9B

205,000 BTC ($2.3B)

225.4M XRP ($600M)

112,600 ETH ($500M)

$1.7B in cash

$345.2M in stablecoins

The report alleges that John Ray III and the legal firm Sullivan & Cromwell, who have managed the bankruptcy process, “seized FTX for profit” and “destroyed over $136 billion in value” by liquidating key holdings at deep discounts.

SBF accuses them of turning a “short-term liquidity crunch into a years-long legal drain.”

98% of Creditors Already Paid

In the report, SBF emphasizes that creditors have not only been made whole, they’ve been repaid more than they were owed.

According to him, 98% of creditors have received 120% repayments, with the remaining 2% still undergoing reconciliation. After accounting for all claims and legal fees, the estate allegedly retains $8 billion in surplus assets.

If accurate, it would mean that the billions once thought “lost” were never actually missing, only frozen during restructuring.

ZachXBT Calls Out “Misleading” Recovery Claims

Not everyone agrees with SBF’s new narrative.

On-chain investigator ZachXBT challenged the claim, arguing that FTX creditors were repaid based on November 2022 prices, not current market values.

That means users who held volatile assets like SOL or BTC at the time of bankruptcy received dollar-denominated compensation at the asset’s bottom, missing out on massive gains since then.

“FTX users were repaid at 2022 prices,” ZachXBT said, calling SBF’s framing “misleading.”

For example, Solana (SOL) has risen dramatically since the FTX collapse, trading around $196, according to CoinMarketCap, compared to under $15 when the exchange went under. That means users who held SOL lost the upside, even if they technically got “120% repayment.”

FTX’s Asset Fire Sales and Alleged Missteps

The report goes further to allege that FTX’s restructuring team “liquidated core assets prematurely”, particularly Solana, Anthropic, and Robinhood shares.

SBF accuses the lawyers of “self-enrichment,” claiming that “value destruction” came not from missing funds but from “fire-sale transactions and prolonged litigation.”

He points to Anthropic, the AI startup whose valuation soared from a few billion in 2022 to tens of billions in 2025. The report suggests that had those shares been held, creditors could have received even higher recoveries.

A Possible Bid for Redemption?

The timing of the report has raised speculation that SBF may be seeking a public rehabilitation or potential legal appeal.

The document’s tone, part financial breakdown, part defense statement, appears aimed at reframing his legacy from “fraudulent collapse” to “mismanaged solvency.”

With 98% of creditors reportedly repaid and the exchange’s asset base valued higher than ever, SBF’s supporters argue he may have grounds to request leniency or even a presidential pardon.

However, legal experts remain skeptical. FTX’s bankruptcy process has already spent nearly $1 billion in legal fees, and regulators previously described the firm’s internal accounting as “unreliable and misleading.”

A Divided Reaction Across Crypto Twitter

Crypto Twitter has been split in response to SBF’s comeback.

Some users see the report as an attempt to rewrite history, while others argue that the data, if verified, could reshape how the FTX saga is remembered.

@CryptoRand shared the view that the claims were “a desperate PR move,” while others praised the transparency in the breakdown of remaining assets.

The debate highlights an ongoing divide within the crypto community: was FTX a case of fraud, mismanagement, or both?

What Comes Next for FTX and Its Creditors

With repayments ongoing and major asset sales completed, FTX’s bankruptcy may soon reach its closing phase. But SBF’s new report ensures the debate over what really happened will continue for years.

If accurate, the claim that $8 billion remains after full creditor repayment would mark one of the most unusual turnarounds in bankruptcy history.

Still, critics maintain that solvency after-the-fact doesn’t erase wrongdoing. Even if FTX had the funds, decisions that led to its collapse, including commingling of assets and lack of transparency, remain central to SBF’s conviction.

Sam Bankman-Fried’s latest report reopens a complex chapter in the FTX saga. It paints a picture of a platform that was never truly insolvent, only frozen by legal overreach and internal panic.

Yet, on-chain analysts and former customers remain unconvinced.

If 98% of creditors were paid 120%, that’s a remarkable recovery. But whether that absolves the man at the center of it all, or rewrites crypto’s biggest downfall, remains to be seen.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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Source: https://nulltx.com/sbf-claims-ftx-was-never-insolvent-says-creditors-paid-120/