SBF Says FTX US Must be Solvent, Uncertain Why Withdrawals Not Enabled

Sam Bankman-Fried is doubling down on his declare that FTX US ought to by no means have filed for chapter. 

The previous FTX boss believes the US entity continues to be solely solvent and will re-open for withdrawals straight away.

The FTX US Scenario

In a tweet on Thursday, Bankman-Fried reiterated his feedback on the New York Instances Dealbrook Summit the day prior. Through the interview, he claimed that FTX US is “totally solvent” and “totally funded”, and that its monetary state of affairs is remoted from the worldwide change. 

“After I filed, I’m pretty certain FTX US was solvent, and that every one US clients may very well be made complete,” he wrote. “To my information, it nonetheless is at the moment.”

The previous billionaire added that he was “unsure” why withdrawals have been ever turned off on the change and was shocked clients hadn’t been compensated already. 

On November eleventh, SBF filed FTX for chapter, alongside over 100 affiliated corporations. Included within the submitting was FTX’s sister buying and selling desk Alameda Analysis, and its American department FTX US. 

Nonetheless, Bankman-Fried tweeted solely a day previous to the submitting that property at FTX US have been “100% liquid” and never financially impacted. This made the corporate’s chapter submitting and withdrawal suspension the next day all of the extra complicated for customers. 

In an interview with citizen journalist Tiffany Fong on November sixteenth, Bankman-Fried mentioned he had solely included FTX US inside his chapter submitting on account of exterior coercion. He added that billions of {dollars} of investor curiosity occurred to pour in moments afterwards, to his frustration. 

“FTX US was so fucking solvent that it may completely [throw] 250 million {dollars} to a hat on the best way to chapter, [and] it’s nonetheless solvent,” he mentioned. “About 500 million over,” he mentioned.

Who Believes SBF?

As SBF lastly exhibits his face to clarify the collapse of his firm, many within the crypto business aren’t shopping for his claims.

Galaxy Digital CEO Mike Novogratz referred to as SBF’s latest interview with Andrew Sorkin “delusional.”

“Sam was delusional about what occurred and his culpability in it,” mentioned Novogratz.

“He must be prosecuted. He’ll spend time in jail. And it wasn’t simply Sam. You don’t pull this off with one individual.”

In the meantime, Shark Tank star Kevin O’Leary mentioned he believed Bankman-Fried was telling the reality – although the crypto neighborhood at giant was against his take. 


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