Disgraced FTX founder Sam Bankman-Fried (SBF) has resurfaced online with a new 15-page document titled “FTX: Where Did The Money Go?”, claiming that the bankrupt crypto exchange was never actually insolvent and that all customer funds “have always been available.”
In a post shared on X (formerly Twitter) on Thursday, SBF linked to a Google Drive file allegedly written by himself and his “team,” dated September 30, 2025, detailing what he describes as “the truth behind the FTX estate.”
SBF’s Key Claim: “FTX Was Never Bankrupt”
According to the document, SBF asserts that when FTX filed for Chapter 11 bankruptcy in November 2022, after an $8 billion shortfall, the exchange’s assets exceeded its liabilities. He argues that the crisis was a liquidity issue, not a solvency problem, and that “FTX was never bankrupt, even when its lawyers placed it into bankruptcy.”
[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
SBF claims that customer assets “never left” and that the estate now holds enough to repay all users in full, between 119% and 143% of deposits.
“Around 98% of creditors have already received 120%, and the estate still has $8 billion left,” the document reads.
Breakdown of Assets and Blame
The report lists $5.5 billion in liquid assets, including $1.7 billion in securities, $685 million in cash, and $253 million in Bahamian real estate, alongside roughly $4.6 billion in book value investments across 300+ companies, including Anthropic, Genesis Digital Assets, StarkWare, and Yuga Labs.
SBF alleges that FTX’s downfall stemmed from external interference by its legal counsel and rapid panic withdrawals, not insolvency. He claims that “external counsel seized control” during the liquidity crunch, which, he says, could have been resolved by the end of November 2022.
A Deeply Controversial Defense
The document reignites one of crypto’s most contentious debates: whether FTX’s collapse was truly due to mismanagement and fraud, as prosecutors argued, or a misunderstanding of liquidity and valuation.
While SBF’s narrative emphasizes the recovery of funds, the FTX estate and its CEO John J. Ray III have previously rejected similar claims, maintaining that SBF’s statements are “misleading” and omit critical details about missing customer assets and misappropriated funds.
Still, the timing of this release, just weeks before SBF’s next appeal hearing, has stirred speculation across the crypto community about whether the former billionaire is attempting to reshape public perception before his legal fate is sealed.
