Sam Bankman-Fried on Friday pushed back against the common view of FTX’s collapse, saying the exchange was not insolvent when it failed in November 2022.

According to a document posted on X on October 31, 2025, his team argues the company suffered a sudden liquidity run rather than a balance-sheet shortfall.

The filing claims there are roughly $14.6 billion in estate assets versus about $8 billion in customer claims.

Claims Of Solvency And Asset Totals

Bankman-Fried’s filing asserts that roughly $8 billion of customer liabilities never left the exchange’s estate. It says legal and advisory costs have been sizable — roughly $1 billion — but that large asset recoveries since 2022 mean creditors are in line for healthy payouts.

Reports have disclosed that 98% of creditors have already

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