Former FTX chief executive Sam Bankman-Fried has reemerged on social media platform X, asserting that the cryptocurrency exchange was solvent prior to its Chapter 11 filing. In newly released documents, Bankman-Fried contends that external legal advisors compelled the company into involuntary bankruptcy proceedings against management’s judgment. The embattled executive maintains that FTX possessed sufficient assets to cover liabilities at the time of collapse, suggesting alternative restructuring options were available. Industry analysts have questioned these assertions, noting the exchange’s documented $8 billion shortfall in customer funds during November 2022. Regulatory filings show FTX’s bankruptcy estate has recovered approximately $7 billion in assets to date, though the platform’s peak valuation exceeding $100 billion remains erased. Legal experts highlight that bankruptcy petitions require corporate officer signatures, complicating claims of forced filings. The controversy emerges as Bankman-Fried awaits sentencing following his conviction on seven fraud-related counts, with victims awaiting restitution through ongoing bankruptcy proceedings.
