Sam Bankman-Fried Claims FTX Was Solvent at Bankruptcy
- Sam Bankman-Fried (SBF) was sentenced to 25 years in prison.
- SBF claims FTX had $14.6 billion in assets during its bankruptcy filing.
- He alleges that nearly all clients received or will receive compensation between 119% and 143% of their deposits.
- SBF accuses Sullivan & Cromwell of mismanagement, claiming they sold assets at undervalued rates.
- He asserts that FTX retained $8 billion in assets after settling $8 billion in claims and $1 billion in legal fees.
In a document released on social media, SBF argues that the events leading to FTX’s collapse were due to a liquidity crisis rather than insolvency, suggesting mismanagement by legal teams exacerbated the situation. His family is reportedly lobbying for a pardon from former President Donald Trump amidst these allegations.
Bankman-Fried maintains that FTX was not fraudulent and insists on the company’s solvency at the time of its bankruptcy filing, highlighting the retention of significant assets despite substantial payouts to clients. (Source)
