Solana News Today: FTX's 143% Payout Paradox: Creditors Recover Just 9–46% in Real Value

The recovery rate for FTX creditors remains highly contentious, with the exchange's bankruptcy administrator reporting a range of 9% to 46% in actual cryptocurrency asset returns, despite nominal repayment ratios reaching 143%, according to a Lookonchain report. This discrepancy stems from the volatile valuation of crypto assets, which have significantly depreciated since FTX's collapse in 2022. The administrator, Sunil, noted that even if creditors received 143% of their claims in nominal terms, the physical value of cryptocurrencies—such as Bitcoin and Solana—has plummeted, leaving many undercompensated. Additional recovery efforts now hinge on airdrops from blockchain projects, with Paradex already distributing tokens to creditors and others expected to follow, the report adds.

Sam Bankman-Fried, the disgraced founder of FTX, has reignited a legal and public debate by asserting that the exchange was never insolvent. In a 14-page document released in September 2025, SBF argued that FTX's assets—valued at $136 billion as of the bankruptcy filing—exceeded liabilities, and that the collapse was a "classic bank run" driven by panic withdrawals rather than fraud, according to a Yahoo report. He cited holdings in Anthropic ($14.3 billion), Robinhood ($7.6 billion), and SpaceX ($600 million) as evidence of solvency, alongside 58 million SOL and 205,000 BTC, as catalogued in a Coinpedia report. However, this narrative clashes with earlier filings from the bankruptcy estate, which highlighted multibillion-dollar shortfalls.

The administration of FTX's assets has further complicated recovery efforts. Critics, including SBF's legal team, blame premature liquidations of crypto holdings—such as Solana and Sui—by bankruptcy attorneys for eroding value, a point raised in the Yahoo coverage. These sales, conducted at "insider-favored pricing," coincided with a surge in the price of cryptocurrencies in 2024–2025, raising questions about whether creditors could have received higher returns had assets been held longer. The bankruptcy estate now holds $8 billion in remaining assets after repaying 98% of creditors at 120% of their claims, according to a Coinpedia update, but the physical value of those repayments remains disputed.

SBF's claims have been met with skepticism from legal experts and regulators. The U.S. Securities and Exchange Commission (SEC) has yet to comment publicly, but internal documents from the bankruptcy process indicate significant discrepancies in asset valuations noted in the Coindesk article. Meanwhile, SBF's broader legal defense includes a push for a presidential pardon, with his team leveraging political connections and media appearances to rehabilitate his image. Prediction markets on Kalshi assign him less than a 10% chance of receiving a Trump pardon, suggesting his efforts may be more about reshaping public perception than achieving legal absolution.

The FTX saga underscores the challenges of valuing crypto assets in bankruptcy proceedings. Unlike traditional assets, cryptocurrencies are subject to rapid price swings, complicating efforts to determine fair value. The bankruptcy estate's reliance on mark-to-market accounting has further muddied the waters, as hypothetical gains on assets like Anthropic and Solana remain speculative. For creditors, the path to full recovery remains uncertain, with airdrops and future asset sales offering the only tangible hope for additional compensation, the Lookonchain report warned.