The long-dormant FTX saga has flared up again after a surprising new claim from Sam Bankman-Fried’s inner circle: that the exchange “was never bankrupt.”
The statement, posted online on October 31, reignited anger across the crypto community, with many accusing the former CEO’s allies of distorting the record.
Instead of remorse, the new FTX document paints a picture of wealth and recovery. According to the figures released by the SBF team, FTX’s total assets at the time of its bankruptcy filing were valued at an eye-popping $136 billion — suggesting, they argue, that there was never real insolvency, only a liquidity jam that could have been resolved if the exchange hadn’t been placed under court supervision.
The report claims customer balances worth $8 billion never actually vanished. It further alleges that nearly all creditors — about 98% — have already been reimbursed more than what they were owed, with repayments expected to range between 119% and 143% once all settlements are finalized.
[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
But for many industry observers, these numbers tell only part of the story. On-chain analyst ZachXBT pointed out that repayments were based on crypto prices from late 2022, when markets were deep in a bear phase. “Those assets would be worth far more today,” he said, arguing that customers effectively lost the upside that came with Bitcoin, Solana, and other tokens rallying since then.
Where the Billions Went
The newly released asset summary reads more like an institutional portfolio than a bankrupt exchange. The document lists billions in equity stakes — including $14.3 billion in Anthropic, $7.6 billion in Robinhood, and $1.2 billion in Genesis Digital Assets — along with a $600 million exposure to SpaceX through investment firm K5 Global.
Its crypto stash is equally massive: around 58 million Solana tokens valued near $12.4 billion, nearly 900 million SUI tokens worth $2.9 billion, over 200,000 Bitcoin worth $2.3 billion, and hundreds of millions of XRP and Ethereum. Even after three years of legal battles and asset sales, the estate reportedly holds $1.7 billion in cash and another $345 million in stablecoins.
The SBF narrative argues that FTX’s sudden collapse was not the result of insolvency but a temporary funding shortfall caused by rapid withdrawals. The team claims the exchange was days away from restoring normal operations when its legal counsel intervened and filed for bankruptcy protection.
Mistrust Lingers Across Crypto Circles
If the SBF camp hoped the release would inspire sympathy, the opposite seems to have happened. Crypto veterans flooded social media to condemn the attempt to “rewrite history,” calling it another self-serving maneuver from a man already convicted of fraud.
The renewed discussion has also taken a political turn. Some supporters of Donald Trump — who recently pardoned Binance founder Changpeng Zhao — speculated whether Bankman-Fried might receive similar treatment. The connection drew more scrutiny when users highlighted that the same firm, Sullivan & Cromwell LLP, was involved in both FTX’s bankruptcy proceedings and Trump’s court cases earlier this year.
Yet, among most crypto users, the sentiment is clear: no amount of accounting revisions will erase the damage done. FTX may appear solvent on paper today, but its implosion still stands as one of the most devastating collapses in crypto history — and for many, no spreadsheet will change that.
