SBF’s X Account Says FTX Was Never Insolvent—And FTT Would be $22 Billion Today

An account once used by Sam Bankman-Fried, founder and former CEO of failed crypto exchange FTX, published a link to a document on X late Thursday arguing that the company was never insolvent, repeating arguments raised in its lawsuit years ago.

The 14-page document, allegedly written by the disgraced prodigy and his team, claims that the exchange did not fail because of an underlying scheme to commit fraud and misappropriate $10 billion in client funds, as a Manhattan jury said. found in 2023.

Instead, FTX faced a “liquidity crisis” that was “on track to be resolved by the end of the month,” allegedly disrupted by “FTX’s outside board,” which took control. The document continues that “FTX has never been bankrupt, even when its lawyers put it into bankruptcy.”

The narrative echoed elements of an interview Bankman-Fried gave behind bars in March, in which he told conservative political commentator Tucker Carlson, “there was enough money” to repay every creditor at the time the exchange collapsed.

As FTX circled the drain in 2022, the company allegedly had $25 billion in assets, with $16 billion in “FTX equity value,” against $13 billion in liabilities, the document says.

The document claims that if the lawyers had not sold the assets the company had invested in, FTX and its company Alameda Trading would have an estimated value of $136 billion.

That includes a $14.3 billion stake in artificial intelligence startup Anthropic and a $7.6 billion investment in brokerage Robinhood, among 12 other assets.

That includes XRP-linked fintech Ripple and Bitcoin mining firm Genesis Digital Assets. The FTX Recovery Trust archived a lawsuit against Genesis in Digital Assets last month, seeking to recover $1.15 billion it says was misappropriated by Bankman-Fried.

If FTX and Alameda still exist, the exchange’s FTT token would be worth nearly $22 billion, the document says. Prosecutors said at Bankman-Fried’s criminal trial that FTT, among other assets, was used to aim Alameda.

Two weeks ago, conservative activist Laura Loomer claimsd on X that there is a “massive and well-funded” effort to persuade US President Donald Trump to pardon Bankman-Fried.

Binance founder Changpeng Zhao, a former rival of Bankman-Fried’s who helped to spur The implosion of the FTT, was pardoned by Trump after violating the anti-money laundering laws of the United States at the world’s largest crypto exchange.

Before sentencing Bankman-Fried to 25 years in prison in 2024, U.S. District Judge Lewis Kaplan said, “A thief who takes his bag to Las Vegas and successfully bets the stolen money is not entitled to a discount on his sentence.”