Wednesday, March 29, 2023

FTX’s Former CEO SBF Believes Firm Has the Best Recovery Scenario

  • Former CEO Sam Bankman-Fried tweeted that FTX has the best recovery scenario for customers.
  • Bankman-Fried added that the firm was a few weeks away from getting there in November.
  • FTX has reportedly recovered more than $5 billion in cash and liquid cryptos and securities.

Despite the controversial collapse of leading crypto exchange FTX, former CEO Sam Bankman-Fried (SBF) is bullish on its recovery of customers’ funds. He believes that the firm has the best recovery scenario for its users even as he is charged on many counts including fraud, conspiracy, and money- laundering.

In a response to a tweet written by Wassielawyer, Bankman-Fried said:

yup my sense is that is and always has been the best recovery scenario for customers.  I think that them being made substantially whole is a real possibility; I think we were possibly a few weeks away from getting there in November. (US is solvent, should make everyone whole.)

Bankman-Fried’s tweet in turn triggered many responses. Several Twitter users pointed out how Wassielawyer’s response took a 360-degree turn from his previous contradictory viewpoints.

Another Twitter user questioned the claim saying if there’s any value for a buyer. The user further added that FTX investments are hugely ‘trash’ with no goodwill.  “US isn’t solvent despite sbf’s cries to the contrary, IP worthless. Current estimate is 40% to creditors in liquidation. Can a sale do better?” the user asked.

On Wednesday, the FTX lawyer Andy Dietderich revealed in the court that the crypto exchange  has recovered more than $5 billion in cash and liquid cryptos and securities.

The lawyer also told the judge that FTX plans to sell non-strategic investments that accounted for a book value of $4.6 billion. Additionally, FTX’s total liabilities are between $10 billion and $13 billion, which further implies creditors could recover around 40%.

  • Former CEO Sam Bankman-Fried tweeted that FTX has the best recovery scenario for customers.
  • Bankman-Fried added that the firm was a few weeks away from getting there in November.
  • FTX has reportedly recovered more than $5 billion in cash and liquid cryptos and securities.

Despite the controversial collapse of leading crypto exchange FTX, former CEO Sam Bankman-Fried (SBF) is bullish on its recovery of customers’ funds. He believes that the firm has the best recovery scenario for its users even as he is charged on many counts including fraud, conspiracy, and money- laundering.

In a response to a tweet written by Wassielawyer, Bankman-Fried said:

yup my sense is that is and always has been the best recovery scenario for customers.  I think that them being made substantially whole is a real possibility; I think we were possibly a few weeks away from getting there in November. (US is solvent, should make everyone whole.)

Bankman-Fried’s tweet in turn triggered many responses. Several Twitter users pointed out how Wassielawyer’s response took a 360-degree turn from his previous contradictory viewpoints.

Another Twitter user questioned the claim saying if there’s any value for a buyer. The user further added that FTX investments are hugely ‘trash’ with no goodwill.  “US isn’t solvent despite sbf’s cries to the contrary, IP worthless. Current estimate is 40% to creditors in liquidation. Can a sale do better?” the user asked.

On Wednesday, the FTX lawyer Andy Dietderich revealed in the court that the crypto exchange  has recovered more than $5 billion in cash and liquid cryptos and securities.

The lawyer also told the judge that FTX plans to sell non-strategic investments that accounted for a book value of $4.6 billion. Additionally, FTX’s total liabilities are between $10 billion and $13 billion, which further implies creditors could recover around 40%.

 

Latest news