A social media account once linked to Sam Bankman-Fried, the imprisoned founder of FTX, posted a new document on X late Thursday.
The 14-page file argues that the crypto exchange was never genuinely insolvent. It further asserts that the collapse resulted from mismanagement amid a liquidity crisis, rather than from fraud.
The post rekindles controversy surrounding FTX’s downfall. It also reiterates several claims Bankman-Fried made during his trial and in a jailhouse interview earlier this year.
Document Denies Fraud, Blames Legal Advisors for Collapse
According to the document, FTX faced only a short-term liquidity crisis in 2022 that could have been resolved within weeks. It claims the company’s external lawyers seized control and pushed FTX into bankruptcy unnecessarily.
The authors insist the exchange “was never bankrupt,” challenging the findings of the 2023 Manhattan jury that convicted Bankman-Fried of defrauding investors and misusing $10 billion in customer funds.
Claims of a Healthy Balance Sheet Before Bankruptcy
The document outlines a picture of financial stability ahead of FTX’s collapse. It alleges the company held $25 billion in assets and $16 billion in equity value against $13 billion in liabilities.
It further argues that if FTX and its trading affiliate Alameda Research had continued operating, their combined holdings could have been worth $136 billion today.
[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
List of Alleged High-Value Investments
Among the assets mentioned are major stakes in the artificial intelligence firm Anthropic, valued at $14.3 billion. The portfolio also includes the trading app Robinhood, which is worth an estimated $7.6 billion. Moreover, the document cites investments in fintech company Ripple and Bitcoin miner Genesis Digital Assets.
Last month, the FTX Recovery Trust sued Genesis Digital Assets to recover $1.15 billion that it claims was misappropriated under Bankman-Fried’s direction.
Disputed Valuation of FTT Token
The document also argues that FTX’s native FTT token would be worth nearly $22 billion if the companies had survived. However, prosecutors at Bankman-Fried’s trial contended that FTT was used to inflate Alameda Research’s balance sheet and conceal massive financial gaps.
Political Rumors and Legal Aftermath
Conservative activist Laura Loomer recently claimed there is a campaign to urge U.S. President Donald Trump to pardon Bankman-Fried.
The claim follows reports that Trump pardoned Binance founder Changpeng Zhao after the exchange was found to have violated anti-money laundering laws.
Bankman-Fried is currently serving a 25-year prison sentence handed down in 2024 by U.S. District Judge Lewis Kaplan. During sentencing, Kaplan stated that “a thief who bets stolen money successfully still does not deserve leniency.”
The reemergence of Bankman-Fried’s old account and its claims have reignited debate over FTX’s collapse and the accuracy of its founder’s defense.
While the new document seeks to recast the story, the court’s findings are straightforward. They confirm that the FTX collapse resulted from deception, not a temporary liquidity shortfall.
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