SBF: FTX Always Solvent, New Management Withholds Funds
Sam Bankman-Fried (SBF) argues that FTX solvency was intact at its November 2022 collapse, citing the estate’s $14.6 bn in assets against $8 bn in customer liabilities. In an October 31, 2025 filing, he framed the shutdown as a liquidity run rather than a balance-sheet failure and blamed post-collapse advisers, including Sullivan & Cromwell and interim CEO John J. Ray III, for slowing recovery. Critics say using current asset valuations to prove FTX solvency is misleading and overlooks the liquidity crunch during withdrawals.
On November 7, SBF reiterated on social media that FTX could cover all obligations. He accused the current restructuring team of excessive control and of withholding specific customer funds. He also noted that Chinese creditor representative Mr. Ji is actively seeking to recover these assets. The ongoing dispute over fund distribution and creditor rights may affect payout timelines and undermine market confidence in the FTX restructuring.
Neutral
While SBF’s assertion that FTX remained solvent and promising asset recoveries could boost confidence in the FTX token (FTT), his accusations against the current management for withholding customer funds introduce significant uncertainty. Traders may hesitate amid ongoing disputes over fund distribution and creditor rights. Mixed signals from strong asset numbers and legal wrangling are likely to balance out, resulting in a muted price reaction and a neutral market outlook.