SBF posts filing arguing FTX was not insolvent, seeks new trial

Sam Bankman-Fried, the founder and former chief executive of collapsed crypto exchange FTX, posted a 14-page document on X late Thursday asserting that the company was never insolvent and that its 2022 collapse was a liquidity crunch that could have been resolved. The filing, dated Sept. 30, 2025 and attributed to Bankman-Fried and his team, advances specific asset and valuation figures and comes as his lawyers prepare to argue for a new trial in Manhattan this week.

The document contends that at the time of FTXs November 2022 collapse the combined FTX and Alameda businesses held roughly $25 billion in assets and $16 billion in equity against $13 billion in liabilities, and that forced asset sales and actions by external counsel, not fraud, destroyed value. It includes hypothetical valuations that would have made the portfolio worth about $136 billion today and says the exchange token FTT would be worth nearly $22 billion if the companies had remained intact. The authors further claim that creditors will ultimately receive more than their petition-date claims, asserting that between 119 percent and 143 percent of claims will be paid and that about 98 percent of payouts are...