SBF’s X Post Challenges FTX Bankruptcy, Spurs FTT Token Rally
Sam Bankman-Fried claimed on X that FTX bankruptcy was a misnomer and that the exchange only suffered a temporary liquidity crisis. In a 15-page report, he argued that FTX held $136 billion in assets—including 58 million SOL, 205 000 BTC, Anthropic and Robinhood stakes, and $1.7 billion in stablecoins—and that 98 % of creditors received 120 % of their claims. After $1 billion in legal fees, $8 billion remained in the estate. His statements triggered an intraday rally of the FTT token to $0.84. Critics, such as investigator ZachXBT, say asset valuations used outdated 2022 prices and dispute the solvency claim. Rumors of a presidential pardon ahead of SBF’s Nov. 4 sentencing added to FTT token market speculation. This challenge to the FTX bankruptcy narrative may influence legal proceedings and trading sentiment. The renewed debate highlights ongoing challenges in crypto governance and could affect asset recovery timelines and investor confidence.
Bullish
SBF’s challenge to the FTX bankruptcy narrative and the disclosure of substantial overlooked assets triggered a spike in FTT token price. The optimistic outlook, combined with speculation of a presidential pardon, supports bullish momentum in the short term. However, lingering legal uncertainties could temper long-term gains if asset recoveries face delays.