The post Will FTX assets would be worth $136 billion today if left to run? appeared on BitcoinEthereumNews.com.

Sam Bankman-Fried is again challenging the core narrative of his downfall: that FTX was insolvent when it collapsed in November 2022. In a 15-page report written from prison and dated Sept. 30, the convicted founder claimed the exchange “was never insolvent” but merely trapped in a “liquidity crisis” after customers pulled $5 billion in two days. He argued that FTX and its trading arm, Alameda Research, together held $25 billion in assets and $16 billion in equity value against about $13 billion in liabilities. According to him, his firms had enough to repay customers in full if the company had been allowed to continue operating. He wrote: “FTX always had sufficient assets to repay all customers, in kind, and provide significant value to equity holders as well. That is what would have happened if lawyers hadn’t taken over FTX.” Instead, Bankman-Fried blames outside counsel and new CEO John J. Ray III for pushing FTX into Chapter 11 before rescue financing could be completed. His framing of FTX’s issue as a liquidity problem, rather than insolvency, serves to soften allegations of fraud and redirects blame toward the legal team that froze operations. If accepted, it transforms the implosion from one of misused deposits into a fixable bank run cut short by overzealous lawyers. Solvency by hindsight In his report, Bankman-Fried treats FTX’s frozen portfolio as if it had survived intact through the entire 2023–25 market recovery. He reprices the bankrupt firm’s holdings in Solana, Robinhood, Sui, Anthropic, and even the now-worthless FTT token at current values, suggesting that by the end of this year, the basket would be worth roughly $136 billion. This would easily cover the $25 billion he cites in customer and creditor claims. FTX Petition Date Assets Current Value (Source: Sam Bankman-Fried) From there, he insists, everyone could…

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Filed under: News - @ October 31, 2025 7:26 pm