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…