Bankman-Fried Again Asserts that the US-based Cryptocurrency Exchange FTX was Solvent
  • Sam Bankman-Fried, the defunct crypto entrepreneur facing fraud charges in the United States, has reaffirmed his assertion that the FTX US cryptocurrency exchange “was and is solvent.”
  • On Tuesday, he stated on Substack that FTX US likely had “hundreds of millions of dollars in excess of client balances.” On his Twitter account, he mentioned details and proofs to prove his point.
  • Bankman-Fried is out on bond and carrying an electronic monitoring device at his parents’ house in California. He will stand trial in October after pleading not guilty to allegations of fraud and violation of campaign finance laws.
  • Prosecutors accuse him of being the mastermind of one of the biggest scams in US history, having illegally raised $1.8 billion from investors under the name of FTX with having sufficient controls and risk management.
  • He’s also accused of exploiting FTX client funds for personal spending, real estate acquisitions, and trading at the now-defunct Alameda.
  • According to FTX Debtors, a total of $5.5 billion in liquid assets have been recovered, including $1.7 billion in cash, $3.5 billion in crypto assets, and $300 million in securities.
Mridul Srivastava

By Mridul Srivastava

Mridul is an MBA pursuing a content writing career. He is a dedicated, detail-oriented freelance writer with over 2 years of experience and knowledge in the fields of Web3, blockchain, cryptocurrency, and NFTs. He is skilled in producing long and short content per the guidelines and client requirements for maximum search engine optimization.