Solana News Today: SBF Claims FTX Avoided Bankruptcy, Critics Say Legal Moves Wrecked $138B

Sam Bankman-Fried, the disgraced founder of collapsed crypto exchange FTX, has reignited debates over the 2022 collapse of his firm, asserting in a recent X post that FTX was never insolvent and could have repaid all customers had external legal counsel not intervened. The claim, detailed in a 14-page document attributed to SBF and his team, argues that the exchange faced a liquidity crisis rather than a balance-sheet failure and that bankruptcy proceedings initiated by lawyers destroyed $138 billion in potential value, according to a Lookonchain analysis.

The document, shared via SBF's X account, claims FTX held $25 billion in assets and $16 billion in equity as of November 2022, sufficient to cover $8 billion in withdrawal demands that triggered the collapse. SBF blames external counsel, including law firm Sullivan & Cromwell and CEO John J. Ray III, for seizing control and liquidating assets at fire-sale prices. "FTX was never bankrupt, even when its lawyers placed it into bankruptcy," the document states, according to a Decrypt report. If the firm had continued operating, it argues, FTX's holdings in assets like AI startup Anthropic ($14.3 billion), Robinhood ($7.6 billion), and Solana ($12.4 billion) would now be worth $136 billion, with the FTT token alone potentially valued at $22 billion, per a Zycrypto analysis.

Critics, however, dismiss SBF's claims as a revisionist attempt to deflect blame. Crypto investigator ZachXBT countered that creditors were repaid based on 2022 prices, not current valuations, leaving users with significant losses. "Illiquid investments worth more today are just a coincidence," he wrote in a BeinCrypto post, arguing that FTX's liquidity shortfall at the time of the collapse remains undisputed. The FTX Recovery Trust has also sued Genesis Digital Assets to recover $1.15 billion it alleges was misappropriated by SBF, according to a CryptoDaily report.

The legal and financial fallout remains staggering. Court filings show that $1.4 billion in fees has been paid to consultants and lawyers, while asset sales—including a $1 billion liquidation of Anthropic shares and $3.3 billion in Solana tokens—eroded potential value, per the earlier Lookonchain analysis. SBF's 25-year prison sentence, handed down in 2024, was upheld by Judge Lewis Kaplan, who cited the "thief in Vegas" analogy, emphasizing no leniency for misappropriated funds, as reported by Decrypt.

Political intrigue further complicates the narrative. Conservative activist Laura Loomer claims a "massive and well-funded" effort is underway to secure a presidential pardon for SBF, mirroring Trump's recent clemency for Binance founder Changpeng Zhao. Polymarket odds give SBF a 7% chance of a pardon by year-end, according to a Benzinga piece.

As the FTX bankruptcy estate nears full repayment of customer claims—119-143% of approved requests—questions linger about accountability in crypto. While creditors receive cash settlements, they forfeit exposure to the meteoric rise of assets like Solana and Anthropic. "The estate may have burned over $120 billion in potential value," noted one analysis, highlighting the tension between legal technicalities and real-world economic outcomes.

SBF's claims underscore broader debates over corporate governance and regulatory enforcement in the crypto sector. With his sentencing date looming and political maneuvering intensifying, the FTX saga continues to test the boundaries of accountability in an industry still grappling with its own volatility.