Was FTX Really Insolvent? The Hidden Issue in SBF’s Motion for a New Trial
Was FTX Really Insolvent? The Hidden Issue in SBF’s Motion for a New Trial
Sam Bankman-Fried’s request for a retrial has entered a new phase, accompanied by internal testimony claiming that FTX was not insolvent at the time of its bankruptcy.
According to cryptocurrency outlet CCN Crypto on February 11 (local time), Daniel Chapsky, former head of data at FTX, publicly supported the retrial request of FTX founder Sam Bankman-Fried (SBF), directly refuting prosecutors’ claims of insolvency. The retrial petition was submitted pro se on February 5 by SBF’s mother, Barbara Fried, a Stanford Law School professor, and included a sworn statement.
Chapsky asserted that when FTX and its subsidiary Alameda Research filed for Chapter 11 bankruptcy on November 11, 2022, they were not balance-sheet insolvent and had sufficient assets to meet customer claims. Prosecutors have maintained that there was a multibillion-dollar shortfall in customer funds at the time, but Chapsky’s statement suggests that such descriptions may have been incomplete or misleading. However, the publicly released documents did not include detailed financial statement analysis.
The retrial petition also raised allegations of witness intimidation. According to the filing, prosecutors allegedly pressured former FTX executives Ryan Salame and Nishad Singh to prevent them from testifying for the defense. In particular, it claims that information conveyed by the government during a key proffer session with Singh in January 2023 was not fully shared with the defense. Both individuals pleaded guilty prior to trial and cooperated with prosecutors.
Last October, SBF presented similar arguments in a written statement of approximately 15 pages. He claimed that at the time of the bankruptcy filing, FTX held approximately $14.6 billion in assets, while customer claims totaled around $8 billion. He argued that the collapse was caused not by a lack of assets but by a sudden liquidity crunch, asserting that the company could have stabilized within weeks had it not entered Chapter 11 proceedings.
In response, blockchain analyst ZachXBT countered that creditors were repaid based on asset prices as of November 2022, meaning that users who held assets such as Bitcoin (BTC) or Solana (SOL) suffered significant losses. He dismissed SBF’s argument, stating that the subsequent rise in the value of illiquid assets was merely a matter of hindsight. The debate over whether a retrial will proceed has once again drawn market attention, encompassing both the true financial condition of FTX at the time of its bankruptcy and questions about the fairness of the prosecution.
Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses incurred based on it. The content should be interpreted solely for informational purposes.
<저작권자 ⓒ 코인리더스 무단전재 및 재배포 금지>
|
  많이 본 기사
English 많이 본 기사
최신기사
|
