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Industry

“FTX Always Had More Assets Than Debts”: Sam Bankman-Fried

SBF insist that his 2023 fraud trial was rigged because the judge blocked any evidence showing the company was actually solvent.

Written By Gopal Solanky Gopal Solanky
Fact Checked by Divya Mistry Divya Mistry
Published 2026-02-25·Updated 4 months ago
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Last updated: February 26, 2026 10:28 AM
Published 2026-02-25
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Last updated: February 26, 2026 10:28 AM
Published 2026-02-25
FTX Always Had More Assets Than Debts says Sam Bankman

Key Highlights

  • SBF argues Judge Kaplan wrongly excluded all solvency evidence, letting prosecutors falsely paint FTX as hopelessly insolvent when assets allegedly exceeded debts.
  • Shared data show FTX would have had positive (and growing) net asset value; bankruptcy estate has now paid ~$7.1B, with customers receiving 119–143% of 2022 claim values.
  • SBF’s February 2026 pro se motion for a new trial cites suppressed witness testimony, DOJ witness pressure, and withheld info—while the huge repayments quietly undermine the old “money’s gone forever” story.

Sam Bankman-Fried, the jailed Founder of the collapsed crypto exchange FTX, fired off another broadside from prison on February 25, 2026, insisting his 2023 fraud trial was rigged because the judge blocked any evidence showing the company was actually solvent.

In a post on X (posted through a proxy), SBF quoted his own earlier thread debunking “myths” about FTX, slamming prosecutors for hammering the narrative that $8 billion in customer funds vanished into a giant hole. He attached trial excerpts and a chart projecting FTX’s net asset value climbing to tens of billions if bankruptcy hadn’t hit, arguing the exchange always had more assets than debts and could have repaid everyone in kind.

"So FTX was solvent. Who cares?"

Jurors. My jury cared.

Why else would prosecutors make insolvency their headline?

Why else would they get all evidence of solvency banned from trial?

FTX always had more assets than debts.

But the gov't painted a backdrop of FTX underwater… https://t.co/vcS66vOaMH pic.twitter.com/AQ5trWwcnl

— SBF (@SBF_FTX) February 25, 2026

The core beef: Judge Lewis Kaplan barred solvency proof, letting the government frame every move after mid-2021 as knowingly fraudulent against an underwater platform. “That is not what a fair trial looks like,” he wrote.

This lines up with his February 10 motion for a new trial, filed pro se via his mother, claiming fresh declarations (like from ex-data head Daniel Chapsky) prove a short-term liquidity crunch, not theft, plus accusations the DOJ intimidated witnesses and withheld info.

Meanwhile, FTX’s bankruptcy estate has already handed out about $7.1 billion across rounds, with customers getting 119-143% of November 2022 claim values thanks to crypto’s rebound and asset sales. Next big payout is slated for March 31.

Also read: HashKey Exchange Lists HSK to Boost Ecosystem Token Circulation

Disclaimer: The information researched and reported by The Crypto Times is for informational purposes only and is not a substitute for professional financial advice. Investing in crypto assets involves significant risk due to market volatility. Always Do Your Own Research (DYOR) and consult with a qualified Financial Advisor before making any investment decisions.

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Gopal Solanky, Senior Reporter for Markets and Protocols at The Crypto Times
By Gopal Solanky Sr. Crypto Journalist
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Gopal Solanky is a Senior Reporter for Markets & Protocols at The Crypto Times, based in Ahmedabad. He covers institutional crypto adoption, Bitcoin treasury strategies, DeFi markets, protocol ecosystems, Ethereum network activity, Hyperliquid, on-chain trends, and broader digital asset market movements. Gopal has been active in the crypto ecosystem for more than six years. Before joining The Crypto Times full-time in 2023, he worked as a freelance crypto content writer, developing a strong understanding of blockchain infrastructure, DeFi protocols, market cycles, token mechanics, and peer-to-peer systems. His reporting focuses on explaining how protocols work, why market movements happen, and how institutional and on-chain activity affects crypto investors and builders. At The Crypto Times, Gopal also hosts on-the-record interviews with regional Web3 founders, protocol teams, and ecosystem leaders. His work has been cited by external publications, including Vulture.com, in coverage of major crypto stories such as the Hawk Tuah memecoin controversy. His reporting has also contributed to The Crypto Times’ coverage of major industry events, including FTX-related developments, institutional crypto adoption, and emerging protocol narratives. Gopal holds a Bachelor’s degree in Computer Applications, giving him a technical foundation for analyzing blockchain systems, crypto infrastructure, and market data.
Divya Mistry
By Divya Mistry
Follow:
Divya Mistry is the Senior Editor at The Crypto Times. She leads the central editorial desk, overseeing the review and publication of policy analyses, investigative reports, exchange coverage, and protocol exploit stories. Her editorial remit spans digital asset markets, global exchange operations, cross-border digital asset settlements, regulatory developments, and other key developments shaping the cryptocurrency industry. Divya brings more than a decade of experience in editorial strategy, content development, public relations, marketing communications, and research. Before joining The Crypto Times, she worked across multiple sectors, including finance, technology, education, healthcare, real estate, entertainment, lifestyle, and vertical transport, contributing to both digital and print publications. Her research and content work has been featured on platforms including DNA India, Zee, Forbes, and Elevator World India. She holds a Master's degree in English Literature from the University of Mumbai. Drawing on her background in long-form publishing, research, and editorial leadership, she reviews and refines complex stories to ensure accuracy, clarity, and strong editorial standards before publication.

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