- Sam Bankman-Fried, posting through a proxy, said FTX had enough assets to repay creditors in kind when lawyers took over, including the full $6.5B disputed-claims reserve
- He accused the debtors’ team of holding funds and keeping a solvent exchange in Chapter 11, echoing frustrations from some creditors about dollar-based 2025 payouts
- On-chain investigator ZachXBT pushed back by resurfacing the $40M China-bribery flow tied to SBF, challenging his version of events
Convicted FTX CEO Sam Bankman-Fried has accused the firm’s bankruptcy lawyers of mismanaging assets and blocking faster customer repayments.
SBF Repeats Solvency Claim From Proxy Account
Communicating by proxy, Bankman-Fried claimed FTX had enough money to repay creditors in kind when the lawyers took over the company, including a current balance to cover the entire $6.5 billion ‘disputed claims reserve.’
Related: FTX Creditor Sunil Kavuri Explores SBF Psychology in New Podcast Episode
Why Does FTX Creditors’ Settlement Linger?
Although Bankman-Fried clarified that his recent statement is not a claim of innocence, he stated that FTX debtors are still withholding funds that can be used to settle creditors.
This comes after the crypto exchange’s new CEO, John J. Ray III, appeared at Bankman-Fried’s appeal to respond to allegations of gross misconduct, destruction of $130 billion of estate assets to keep a perfectly solvent company under his control in Chapter 11 bankruptcy.
Creditors Still Waiting On A Process Set For 2025
The ongoing case, which currently revolves around creditors’ settlement, has triggered another round of debate, with stakeholders giving opinions based on independent evidence. Bankman-Fried’s latest comments supported the statement of an acclaimed creditor who accused the FTX case handlers of deliberately keeping a solvent company in bankruptcy.
An Investigator’s Clapback at SBF
Responding to Bankman-Fried’s claims about FTX’s solvency and capacity to settle creditors, famous blockchain investigator ZachXBT has revisited the $40 million bribery allegation against the former CEO.
The pseudonymous investigator shared historical data that revealed the large flow of crypto assets from several sources to a particular wallet. Details of the transaction coincided with the allegation against Bankman-Fried, with the funds involved totalling exactly $40 million.
At the time of the allegation, Bankman-Fried’s accusers alleged the former FTX CEO used the funds to bribe the Chinese police, attempting to stop them from freezing accounts belonging to his Hedge Research. As of 2023, during the peak of Bankman-Fried’s court case, the Chinese government was rumored to hold the money without intending to return it to the company.
Related: FTX Alerts Users to Phishing Scams Amid $1.6B Creditor Payout
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
Source: https://coinedition.com/sbf-from-prison-ftx-was-solvent-lawyers-stalled-it/
