“FTX was never bankrupt, even when its lawyers shoved it into bankruptcy,” declared a document shared from Sam Bankman-Fried’s X account on Oct. 30, 2025.

The new document trails Bankman-Fried’s recent interview with the X account @amuse, where he basically sang the same tune. In his latest defense, Bankman-Fried insists FTX was never insolvent, arguing that the exchange’s assets always outweighed its liabilities and that every customer could’ve been made whole by late Nov. 2022.

He’s pointing fingers at the lawyers and bankruptcy brass—John J. Ray III and Sullivan & Cromwell (S&C)—accusing them of hijacking FTX, shoving it into bankruptcy, and then fire-selling its assets at bargain-bin prices, wiping out what he claims was more than $100 billion in potential value. According to him, the so-called “liquidity crisis” of November 2022 was nothing more than a temporary cash hiccup, and FTX was supposedly lining up $8 billion in financing to plug the gap.

Bankman-Fried said:

“Over $120 billion of lost value so far—$120 billion that would have gone to FTX’s stakeholders if the Debtors had simply done nothing at all.”

He alleges that the post-bankruptcy crew inflated the insolvency narrative, axed the people who actually knew what they were doing, and dumped prized assets like Solana, Anthropic, and Robinhood shares for a fraction of their current value. The 15-page document insists:

“Were it not for their intervention, FTX would have made good on all of its liabilities in November 2022.”

Bankman-Fried’s comeback tale didn’t exactly win hearts. Critics piled on, accusing him of using customer funds to bankroll ventures in Solana, Robinhood, and Anthropic.

“You can’t use customer funds to make investments or support your trading firm,” one user shot back under his X post. Another piled on with biting clarity: “Yeah, you’re describing embezzlement, dude.” One X user put it bluntly:

“The funds were never yours to allocate. It doesn’t matter if the users would have been covered years later, that’s not the point and the fact that you still don’t understand this means that you haven’t [spent] long enough in jail.”

Onchain sleuth ZachXBT didn’t mince words either and echoed the sentiment. “The creditors were paid from crypto prices at the time of the FTX Nov 2022 bankruptcy and not at current prices which caused users to take massive losses if they held assets like SOL or BTC,” ZachXBT remarked to Bankman-Fried. “Illiquid investments worth more today are just a coincidence. You clearly have no learned from your time spent in prison thus far and repeat the same misinformation like before.”

To many people in the post and observers of the last interview, Bankman-Fried’s renewed defense seems more like a PR encore than a revelation. Despite his claims of solvency and misplaced blame, the crypto community still isn’t buying it. Between accusations of embezzlement, asset mismanagement, and a flair for denial, his narrative feels less like exoneration and more like déjà vu. For now, his FTX was fine story plays to an audience that’s already left the theater.

• What did Sam Bankman-Fried claim about FTX?
  He claims FTX was never insolvent and blamed lawyers for forcing the company into bankruptcy.
• Who did Bankman-Fried accuse of mishandling FTX’s assets?
  He blamed John J. Ray III and the law firm Sullivan & Cromwell for selling assets at deep discounts.
• How did the crypto community respond to his claims?
  Users on X mocked his defense, accusing him of using customer funds to make risky investments.

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