Sam Bankman-Fried has come forward again, saying that FTX was never truly bankrupt, even when the company was forced into bankruptcy by its lawyers. In a new document titled FTX: Where Did The Money Go?, he and his team claim that customer funds never disappeared.
According to the report, more than seven million users had put in about twenty billion dollars before FTX collapsed in November 2022. When withdrawals stopped, the company said it owed eight billion dollars, but Sam insists the money was always there just tied up in assets that weren’t easily accessible.
The document also mentions that most creditors have already been repaid more than their original amounts, between 119 and 143 percent. Even after legal fees and claims, the estate still has around eight billion dollars left.
In simple terms, Sam argues that FTX didn’t fall because it was broke, but because of a temporary liquidity problem and poor management decisions during the crisis.
If his version is right, it changes how people see one of crypto’s biggest scandals. Instead of a total collapse, it might have been a fast-moving panic that spiraled out of control.
