Sam Bankman-Fried claims that FTX Us is solvable despite claims, the debtor

Sam Bankman-Fried claims that FTX Us is solvable despite claims, the debtor

Former CEO of FTX, Sam Bankman-Fried, repeated the claim that FTX US is solvent after the recent statements by the FTX debtor have claimed the opposite.

According to Bankman-Fried, the group has failed to take into account the bank balance of customers, which significantly exceeds the assets of the US company to customers.

clearing the air on ftx us

in a Substack-Post On Wednesday, bankman-fried said that certain statements by Sullivan and Cromwell (S&C; Ftx managed) on Tuesday are "extremely misleading" because they affect FTX US's solvency.

At that time the law firm stated that the assets that they could identify as the property of the stock exchange were "much lower than the aggregated credit of third-party customers, which were proposed by the electronic major for FTX US". In a separate presentation, the company also claimed that there were considerable assets of assets both at FTX International and FTX Us.

"These claims of S&C are wrong and are later refuted by data in the same document," said Bankman-Fried. "FTX US was and is solvent, probably with hundreds of millions of dollars that exceed the customer credit."

Bankman-Fried told the The same story via the US exchange both before and after the insolvency application of the FTX Group in November, because the assets are separated by both became. Likewise, John J. Ray III-the new boss of FTX, who monitors bankruptcy- told Congress that FTX Us's assets are separated from Alameda Research, with which FTX is broken down by its funds had.

actually asserted Bankman-Fried that FTX US has a positive balance in the range of $ 400 million of excess cash. He comes to this number by incorporating the $ 428 million on the FTX Us bank accounts as an asset-which Cromwell did not do in his opinion.

The numbers

In particular, the law firm showed customer credit worth $ 497 million, which exceeded the $ 181 million of digital assets that FTX US had identified in connection with the exchange. So Cromwell came to the conclusion that FTX had a large wealth gap. If the stock exchange bank account is included, however, this shortfall becomes an excess.

In addition, Bankman-Fried denied that the number of customer credit of $ 497 million was out of date and was recorded before FTX US had experienced massive withdrawals. In reality, he estimated the number at around 199 million dollars.

Bankman-Fried compared $ 609 million in cash and digital assets with a customer balance of $ 199 million and came to the conclusion that FTX US "had at least $ 111 million and probably around $ 400 million in excess cash before bankruptcy.

"ftx us is solvent," he said. "Customers should receive access to their money."

of the $ 181 million of digital assets that were identified as connected to FTX US, 90 million US dollars were lost Tuesday.

Bankman-Fried has advocated not guilty charges for transfer fraud, money laundering and other allocations that had entered that he had entered investors. In contrast, the former CEO of Alameda Research, Caroline Ellison, as well as the former right hand of Bankman-Fried, Gary Wang, did this

.