Overview
- An X post from an account used by Sam Bankman‑Fried linked to a 14–15 page document asserting FTX faced a short‑term liquidity run in November 2022 rather than insolvency.
- The paper revalues petition‑date holdings at roughly $136 billion, citing stakes such as $14.3 billion in Anthropic and $7.6 billion in Robinhood plus large crypto positions.
- It claims roughly 98% of creditors have received about 120% of their claims and says the estate still holds around $8 billion after paying approximately $1 billion in professional fees.
- The document blames outside counsel and emergency management, naming Sullivan & Cromwell and John J. Ray III, for forcing Chapter 11 and selling assets that would be worth far more today.
- On‑chain investigators and legal commentators reject the analysis as solvency by hindsight and note repayments were fixed at 2022 prices; FTT briefly rose to about $0.84 as pardon lobbying reports resurfaced.