PANews reported on October 31 that Sam Bankman-Fried (SBF), former CEO of cryptocurrency exchange FTX, shared a report titled "FTX: Where Did The Money Go?". The report states that "In November 2022, over seven million customers deposited approximately $20 billion into FTX. However, when customers attempted to withdraw their funds, FTX filed for bankruptcy, still owing customers $8 billion. For years, customers received nothing. So, where did these billions of dollars go? The money never disappeared. After two years of delays, the bankruptcy administrator revealed that all customers will receive 119% to 143% of their debt. Currently, approximately 98% of creditors have received 120% of their debt, after paying out $8 billion in claims and $1 billion..." After paying legal fees, the bankruptcy estate still held $8 billion. In fact, FTX was never insolvent. Whether in November 2022 or now, FTX has always had sufficient assets to fully and in-kind repay all customers. The crisis FTX faced in November 2022 was a liquidity crisis, a sudden cash shortage. This crisis was expected to be resolved by the end of the month; however, it wasn't until FTX's outside legal counsel took control. Even when lawyers pushed it into bankruptcy proceedings, FTX never truly went bankrupt.PANews reported on October 31 that Sam Bankman-Fried (SBF), former CEO of cryptocurrency exchange FTX, shared a report titled "FTX: Where Did The Money Go?". The report states that "In November 2022, over seven million customers deposited approximately $20 billion into FTX. However, when customers attempted to withdraw their funds, FTX filed for bankruptcy, still owing customers $8 billion. For years, customers received nothing. So, where did these billions of dollars go? The money never disappeared. After two years of delays, the bankruptcy administrator revealed that all customers will receive 119% to 143% of their debt. Currently, approximately 98% of creditors have received 120% of their debt, after paying out $8 billion in claims and $1 billion..." After paying legal fees, the bankruptcy estate still held $8 billion. In fact, FTX was never insolvent. Whether in November 2022 or now, FTX has always had sufficient assets to fully and in-kind repay all customers. The crisis FTX faced in November 2022 was a liquidity crisis, a sudden cash shortage. This crisis was expected to be resolved by the end of the month; however, it wasn't until FTX's outside legal counsel took control. Even when lawyers pushed it into bankruptcy proceedings, FTX never truly went bankrupt.
SBF released a report stating that FTX never went bankrupt.
PANews reported on October 31 that Sam Bankman-Fried (SBF), former CEO of cryptocurrency exchange FTX, shared a report titled "FTX: Where Did The Money Go?". The report states that "In November 2022, over seven million customers deposited approximately $20 billion into FTX. However, when customers attempted to withdraw their funds, FTX filed for bankruptcy, still owing customers $8 billion. For years, customers received nothing. So, where did these billions of dollars go? The money never disappeared. After two years of delays, the bankruptcy administrator revealed that all customers will receive 119% to 143% of their debt. Currently, approximately 98% of creditors have received 120% of their debt, after paying out $8 billion in claims and $1 billion..." After paying legal fees, the bankruptcy estate still held $8 billion. In fact, FTX was never insolvent. Whether in November 2022 or now, FTX has always had sufficient assets to fully and in-kind repay all customers. The crisis FTX faced in November 2022 was a liquidity crisis, a sudden cash shortage. This crisis was expected to be resolved by the end of the month; however, it wasn't until FTX's outside legal counsel took control. Even when lawyers pushed it into bankruptcy proceedings, FTX never truly went bankrupt.
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