Following an update from FTX debtors about the $5.5 billion discovered by administrators during an investigation, former FTX CEO Sam Bankman-Fried (SBF) took to Twitter to share a blog post from his Substack newsletter. SBF stated that the presentation published by litigation firm Sullivan & Cromwell is “extremely misleading” and that FTX US is solvent and “always has been.”
SBF Claims Misrepresentation by Litigation Firm, Twitter Critics Doubt Solvency
Sam Bankman-Fried (SBF) is providing additional information in response to the recent press release and 20-page presentation document issued by FTX debtors and current restructuring administrators. The press release reported that investigators found $5.5 billion in liquid assets. In response, SBF posted a new blog on his Substack newsletter and stated on Twitter, “FTX US is solvent, as it always has been.” The blog post echoes this statement and asserts discrepancies between Sullivan & Cromwell’s (S&C) reporting and SBF’s spreadsheet.
He disputes the assertion in the presentation that FTX US has a “shortfall” and maintains that FTX US is not insolvent. “S&C claims that FTX US has a shortfall,” SBF said in his latest blog post. “That claim is false. Based on S&C’s own data provided in the same court presentation, FTX US had roughly $609 million of assets ($428 million in bank accounts, plus $181 million in tokens) backing roughly $199 million in customer balances. FTX US was solvent when it was turned over to S&C, and almost certainly remains solvent today.”
Despite SBF’s claims, several people on social media mocked the FTX co-founder and specifically criticized his Excel spreadsheet. “Bro typed out a couple of numbers in 5 mins thinking it’s gonna be his get out of jail free card,” one person tweeted in response to SBF’s latest blog post. “Nice Excel sheet that a 5-year-old could make — LOL — Means nothing. Somebody shut this dude up forever,” another person wrote. SBF’s claims were met with skepticism and his declarations did not appear to be convincing to many.
Missing Funds, Lack of Auto-Liquidation Issues, and ‘Questionable FTX US Redemption System’ Remain Unaddressed by Former FTX CEO
A number of people questioned why SBF did not comment on the $10 billion in missing funds and once again, his blog post did not address the accusations made in the presentation. For example, following SBF’s last blog post, Bitmex co-founder Arthur Hayes…
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