SBF Says FTX Was Never Insolvent as Repayments Exceed 100% of Claims

• FTX founder Sam Bankman-Fried has disclosed that the crypto exchange was never insolvent, as it has always had more than enough to repay all former customers. 
• A report shared by SBF suggests that the company was on the verge of addressing its liquidity issues until external counsel took over. 

In a previous news brief, CNF disclosed that the founder of crypto exchange FTX, Sam Bankman-Fried (SBF), has been sentenced to 25 years in prison.

According to that report, SBF was found guilty of two counts of wire fraud, two counts of conspiracy to commit wire fraud, one count of conspiracy to commit securities fraud, one count of conspiracy to commit money laundering, and one count of conspiracy to commit commodities fraud.

In addition to the sentence, he was ordered to pay $11 billion in forfeiture for orchestrating multiple fraudulent schemes. Later, the company was rumored to be unable to pay what it owed. In some comments on X, many individuals have asked where the FTX money went.

Today, SBF has responded with a document claiming FTX and Alameda (FTX’s sister company) were never insolvent.

What SBF’s Document Says About FTX

According to the document, the assets of this company have always exceeded its liabilities. Also, it was pointed out that before the November 2022 crisis, these companies had $25 billion in assets, $16 billion in FTX equity value, and $13 billion in liabilities. This means the net asset value was around $28 billion.

The document admits that the value of this asset was seriously affected due to the crisis. Even that, the companies were still solvent. It says FTX was capable of repaying customers in full and in kind.

When the external counsels took over on November 11, the document claims the company was about to repay customers. After the takeover, repayment was delayed to 2025. Answering the questions of where the billions generated by the company went, the document says the money never left.

It even mentioned its earlier statement that customers would be repaid at 119% to 143%. As indicated in our earlier discussion, $1.2 billion in Solana (SOL) had been redeemed as of September 2025.

As of now, 98% of creditors are said to have been paid 120%. The company says $8 billion in claims and $1 billion in lawyer fees have all been paid. Even so, it still has $8 billion remaining.

In fact, FTX was never insolvent. They have always been enough assets to pay all customers in full and in kind both in November 2022 and today.

According to the report, the crisis faced by FTX in 2022 was liquidity issues. It claims that there was a sudden shortage of cash at that time, and a plan was underway to get it resolved by the end of the month, until the external counsel seized control.

SBF has recently been active on X, after posting his first tweet in February 2025, since January 2023, as mentioned in our previous news brief. His parents have also sought U.S. President Donald Trump’s intervention. According to our earlier update, his political donations and conviction, however, complicate his chances.