Sam Bankman-Fried\u2019s (SBF) long-dormant X account unexpectedly came back to life on Thursday night, posting a link to a 14-page document claiming that FTX was \u201cnever insolvent.\u201d The upload, which appeared years after the exchange\u2019s collapse and the founder\u2019s 25-year prison sentence, rehashed familiar talking points from his 2023 trial while injecting a fresh dose of conspiracy.<\/p>\n
The document, allegedly written by SBF and his team, insists that FTX\u2019s downfall was not due to a $10 billion fraud as a Manhattan jury concluded. Instead, it was due to a \u201cliquidity crisis\u201d that could have been \u201cresolved by the end of the month\u201d if not for \u201cexternal counsel\u201d who supposedly derailed the process.<\/p>\n
It claims<\/a> FTX held $25 billion in assets and $16 billion in equity value against $13 billion in liabilities at the time of its collapse, and argued that had lawyers not stepped in, its portfolio would now be worth an eye-popping $136 billion, including stakes in Anthropic, Robinhood, and Ripple.<\/p>\n The post quickly stirred up a storm across crypto circles. To many, it sounded less like a confession and more like a follow-up to SBF\u2019s past interviews, especially his March chat with Tucker Carlson, where he insisted<\/a> there was \u201cenough money\u201d to repay everyone. The new document fits neatly into his ongoing claim that he\u2019s a victim of political targeting rather than the mastermind of one of crypto\u2019s biggest frauds.<\/p>\n Just weeks earlier, SBF, or someone posting for him on GETTR, alleged that his arrest was politically motivated and went on to blame his pivot toward centrist politics and donations to Republicans. He even accused the Biden administration and the then-SEC Chair Gary Gensler of timing his arrest to silence him before a key crypto bill vote and a planned congressional testimony.<\/p>\n Critics, however, aren\u2019t buying the redemption arc. Legal experts and former FTX creditors were quick to point<\/a> out that the claims are similar to the arguments rejected in court and contradict the forensic audits that traced billions in missing customer funds.<\/p>\n The crypto community wasted no time pushing back against the convicted exec\u2019s latest attempt to rewrite history. Venture capitalist Adam Cochran summed up the industry\u2019s mood bluntly as he tweeted<\/a>, \u201cShut the fuck up, Sam. You stole.\u201d<\/p>\n On-chain investigator ZachXBT also called<\/a> out SBF\u2019s claims as \u201cmisinformation\u201d recycled from his trial days. ZachXBT pointed out that FTX creditors were paid based on crypto prices at the time of the exchange\u2019s November 2022 bankruptcy, not at today\u2019s far higher valuations, meaning many users who held assets like SOL or BTC still took heavy losses. He added that the rise in value of FTX\u2019s illiquid investments is a pure coincidence and not evidence of solvency.<\/p>\n \u201cSBF is just trying to weaponize the fact that every FTX asset \/ investment has gone up from picobottom Nov 2022 prices when they factually could not pay out users at the time of bankruptcy and instead point the bankruptcy team as the true villain.\u201d<\/p>\n Despite receiving a 25-year prison sentence, SBF and his family continue to insist he was wrongfully prosecuted. His parents, Stanford professors Joseph Bankman and Barbara Fried, are reportedly exploring options for a presidential pardon from Donald Trump.<\/p>\n Interestingly, Trump also pardoned<\/a> Binance founder Changpeng \u201cCZ\u201d Zhao, who once played a crucial role in triggering FTX\u2019s downfall. In November 2022, CZ announced on X that Binance would sell its $529 million worth of FTT. The revelation, which followed a CoinDesk report exposing Alameda Research\u2019s heavy dependence on FTT, was enough to cause panic among investors and massive withdrawals from FTX. The subsequent liquidity crisis resembled a digital-era bank run.<\/p>\n Though Binance briefly considered acquiring FTX to contain the fallout, it backed<\/a> out after due diligence, which left SBF\u2019s empire to collapse within days.<\/p>\n The post \u2018FTX Was Never Insolvent:\u2019 SBF\u2019s X Account Sparks Chaos From Behind Bars<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":" Sam Bankman-Fried\u2019s (SBF) long-dormant X account unexpectedly came back to life on Thursday night, posting a link to a 14-page document claiming that FTX was \u201cnever insolvent.\u201d The upload, which appeared years after the exchange\u2019s collapse and the founder\u2019s 25-year prison sentence, rehashed familiar talking points from his 2023 trial while injecting a fresh dose […]<\/p>\n","protected":false},"author":0,"featured_media":109327,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-109326","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/109326"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=109326"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/109326\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/109327"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=109326"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=109326"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=109326"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Trump Pardons CZ While SBF Waits for a Miracle<\/h2>\n