Speaking about the stock market collapse, SBF said FTX was Never insolvent and that all customer assets owed upon filing for bankruptcy in 2022 “never left the platform.”
According to recent figures from the bankruptcy estate, FTX now holds assets worth an estimated $136 billion. This suggests that almost all creditors could receive repayment between 119% and 143%. This is a surprising turnaround for what was once considered crypto’s biggest failure.
A stunning financial reversal
When FTX filed for bankruptcy in November 2022, the exchange reported an $8 billion deficit. This sparked widespread panic and wiped billions from the crypto market overnight. Fast forward to 2025, and that number tells a completely different story. SBF claims that the missing funds were not lost but were misrepresented, as the platform’s assets simply depreciated during the bear market.
(SBF says:)
That’s where the money went. pic.twitter.com/O6q77DvmTn
– SBF (@SBF_FTX) October 31, 2025
The recovery plan now covers $8 billion in claims and $1 billion in legal fees, but the estate still retains $8 billion in remaining assets. Nearly 98% of creditors have already received a repayment of around 120% and the remaining claims are expected to be paid in full. This result, almost unheard of in bankruptcy cases, shows how FTX’s investments and holdings rebounded strongly as the crypto market recovered.
Today, FTX’s holdings as of the petition date are worth approximately $136 billion, including $14.3 billion in Anthropic stock, $7.6 billion in Robinhood stock, $1.2 billion in Genesis digital assets, $600 million in SpaceX (via K5 Global), 58 million SOL ($12.4 billion), 890 million SUI ($2.9 billion), 205,000 BTC ($2.3 billion), 225.4 million XRP. ($600 million),… pic.twitter.com/gzSpFGdfdy
-Wu Blockchain (@WuBlockchain) October 31, 2025
FTX’s portfolio of assets reads like a snapshot of the return of the broader digital economy. It includes 58 million SOL ($12.4 billion), 205,000 BTC ($2.3 billion), 890 million SUI ($2.9 billion), and stakes in tech giants such as Anthropic ($14.3 billion), Robinhood ($7.6 billion), Genesis Digital Assets ($1.2 billion), and SpaceX ($600 million via K5 Global). Along with these holdings, the estate reports $1.7 billion in cash and $345 million in stablecoins, bolstering claims of solvency.
A question of trust and transparency
The revelation raises big questions about the transparency of crypto exchanges and bankruptcy proceedings. If SBF’s claims are correct, it suggests that FTX’s fall may have more to do with liquidity timing than actual insolvency. However, critics say that whatever the numbers, poor governance and opaque practices have nevertheless caused considerable harm to users and the reputation of the sector.
(SBF says:)
I heard that some people in the replies were asking: where did the money go?
The answer is: he never left. In fact, 98% of authorized FTX customer claims have already been fully refunded, with interest.
This is in US dollars as of the date of the petition. But when the bankruptcy lawyers took…
–HBLi (@HBLi17) October 28, 2025
As the value of digital assets rises again, the FTX case is a stark reminder of how quickly fortunes can change in crypto – for better or worse. The so-called recovery doesn’t erase lost confidence, but it could reshape how regulators and investors view stock market crashes in the future.
Disclaimer
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