Sam Bankman-Fried Claims FTX Was Solvent at the Time of Collapse

Sam Bankman-Fried claims FTX was solvent during its collapse in November 2022.

In November 2022, at the time of its collapse, the cryptocurrency exchange FTX was “effectively solvent,” according to its founder, Sam Bankman-Fried (SBF).

[SBF says:]

This is where the money went. https://t.co/HVRwEw5Z1k https://t.co/5DrA13L5YE pic.twitter.com/O6q77DvmTn

— SBF (@SBF_FTX) October 31, 2025

A post appeared on the X account of the entrepreneur sentenced to 25 years, featuring a document claiming the platform faced a “liquidity crisis.” The situation was expected to be resolved “by the end of the month,” but the plan fell through due to “external FTX lawyers” who took control of the exchange.

SBF denied allegations of fraud and misappropriation of client funds. He stated that the company was fully solvent, with assets amounting to $25 billion and liabilities at $13 billion at the time of the crisis.

If the lawyers had not liquidated them, approximately $136 billion would have remained in the accounts of FTX and its affiliate Alameda Trading. This sum includes:

• a stake in AI startup Anthropic valued at $14.3 billion;
• $7.6 billion in investments in brokerage firm Robinhood;
• 12 assets, including XRP, Solana, Bitcoin, Ethereum, and shares in mining firm Genesis Digital Assets.

Bankman-Fried reiterated these claims in interviews with The New York Sun and Tucker Carlson.

Payments to Creditors

SBF also addressed the issue of payments to creditors, who ultimately received much less than they lost. He attributed the delay in compensations to the interference of external lawyers handling the liquidation of FTX’s assets.

On-chain investigator ZachXBT criticized Bankman-Fried, suggesting that the founder of the collapsed exchange is attempting to shift blame onto the bankruptcy team to portray himself more favorably.

I did SBF 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

— ZachXBT (@zachxbt) October 31, 2025

“In my opinion, SBF is just trying to exploit the fact that all FTX assets and investments have increased in value from the November 2022 lows. In reality, at the time of the collapse, they could not pay users, and now they are trying to make the bankruptcy team the main villains,” wrote the expert.

A crypto enthusiast under the pseudonym Luke Cannon joined the criticism. He noted that the exchange could have paid creditors back in November 2022 but failed to do so.

“People entrusted their assets, and you sold them off and plunged into risky ventures—from political donations to dubious private investments. […] Billions ended up in the pockets of your entourage and greedy lawyers who systematically destroyed any chance of full compensation,” he noted.

Adam Cochran, a partner at venture firm Cinneamhain Ventures, stated that all FTX investments were illegal as they were conducted without client consent.

“The fact that the value of your investments increased and allowed for user reimbursements does not negate the crime committed,” he noted.

Notably, SBF’s post emerged amid rumors of his potential pardon.

Earlier, conservative activist Laura Loomer revealed the existence of a “large-scale and well-funded” campaign aimed at convincing U.S. President Donald Trump to release Bankman-Fried.