What to Know:
- A document posted on X by an account linked to Sam Bankman-Fried claims FTX was solvent before its collapse.
- The document lists high-value investments, including stakes in Anthropic, Robinhood, Ripple, and Genesis Digital Assets.
- The claims are resurfacing amidst political rumors and the ongoing legal aftermath of the FTX scandal.
The crypto community is buzzing over a recently released document linked to Sam Bankman-Fried, the founder of FTX, reigniting debates about the exchange’s solvency before its downfall. This 14-page file, posted on X, alleges that FTX was not genuinely insolvent and that its collapse stemmed from mismanagement during a liquidity crunch, rather than outright fraud. The emergence of this document has stirred controversy and prompted renewed scrutiny of the circumstances surrounding FTX’s demise.
The document paints a picture of financial stability, asserting that FTX possessed $25 billion in assets and $16 billion in equity value against $13 billion in liabilities. It further claims that if FTX and Alameda Research had continued operations, their combined holdings could be worth $136 billion today. These assertions directly contradict the narrative presented during Bankman-Fried’s trial, where prosecutors argued that the misuse of funds and inflated asset valuations led to the exchange’s collapse.
[SBF says:]
This is where the money went. https://t.co/HVRwEw5Z1k https://t.co/5DrA13L5YE pic.twitter.com/O6q77DvmTn
https://platform.twitter.com/widgets.js
The document highlights several high-value investments, including a significant stake in the AI firm Anthropic, valued at $14.3 billion. Other notable investments mentioned include the trading app Robinhood, estimated at $7.6 billion, as well as stakes in Ripple and Bitcoin miner Genesis Digital Assets. Notably, the FTX Recovery Trust recently sued Genesis Digital Assets to recover $1.15 billion, alleging misappropriation under Bankman-Fried’s direction.
The filing also defends the value of FTX’s native FTT token, suggesting it would be worth nearly $22 billion if the companies had survived. During Bankman-Fried’s trial, prosecutors argued that FTT was used to inflate Alameda Research’s balance sheet, concealing substantial financial gaps. This discrepancy in valuation remains a contentious point, highlighting the differing perspectives on FTX’s financial health leading up to its collapse.
As the crypto industry continues to evolve, regulatory scrutiny and legal battles remain critical factors influencing market sentiment. The claims made in this document are resurfacing amidst political rumors and the ongoing legal aftermath of the FTX scandal. While the document aims to reshape the narrative, the court’s findings remain clear: the FTX collapse was a result of deception, not a temporary liquidity issue.
Source: Original article
