The ghost of FTX just rattled the entire crypto industry. A shocking new document posted from Sam Bankman-Fried’s X account has ignited a firestorm, claiming FTX Bankruptcy was not true and that the exchange never needed to file for bankruptcy in the first place. The 15-page report, titled “FTX: Where Did The Money Go?”, alleges that FTX always held enough assets to fully repay its customers. This bombshell directly challenges the narrative that convicted SBF for one of the largest frauds in history.
The Core of the Explosive Allegation
The document makes a stunning argument: the 2022 collapse was purely a liquidity crisis, not insolvency. It boldly states, “FTX was never bankrupt, even when its lawyers placed it into bankruptcy.” The report claims the company’s vast portfolio—including 58 million SOL, 205,000 BTC, and massive stakes in Anthropic and Robinhood—was more than sufficient to cover all customer obligations. In fact, it estimates the total asset value today would be a staggering $136 billion. This fuels the FTX bankruptcy controversy, suggesting a different path could have been taken.
Community Backlash and Price Reaction
Unsurprisingly, the crypto community reacted with a mix of fury and skepticism. While the FTX Token (FTT) saw a brief price spike, prominent investigator ZachXBT immediately pushed back. He pointed out that customer repayments were made based on 2022 asset values, not today’s inflated prices. Furthermore, users from excluded regions like mainland China expressed anger over being left out of restitution deals. The post has reopened old wounds, with many criticizing SBF for shifting blame onto the legal team.
A Pardon on the Horizon?
Adding another layer of drama, rumors are swirling about a well-funded campaign to secure a presidential pardon for SBF. This speculation intensified after Donald Trump recently pardoned Binance founder Changpeng Zhao. With Bankman-Fried’s sentencing scheduled for November 4th, these new claims and political maneuvers introduce significant uncertainty into the final chapter of this long-running saga.
My Thoughts
While the numbers presented are attention-grabbing, this feels like a last-ditch effort to rewrite history. The legal system has already rendered its verdict. However, the mere discussion does highlight the brutal opportunity cost of the bankruptcy process—the forced liquidation of assets that subsequently mooned. It’s a painful “what if” scenario for creditors, regardless of the legal guilt.
