SBF on the collapse of exchanges, FTX on never The company is bankrupt, and all customer assets owed when it filed for bankruptcy in 2022 “never left the platform.”
According to recent figures from the bankruptcy estate, FTX currently holds assets worth an estimated $136 billion. This suggests that nearly all creditors could receive repayments of between 119% and 143%. This is a remarkable turnaround from what was once considered cryptocurrency’s biggest failure.
amazing economic reversal
When FTX filed for bankruptcy in November 2022, the exchange reported a shortfall of $8 billion. This caused widespread panic and billions of dollars disappeared from the cryptocurrency market overnight. Fast forward to 2025 and the numbers tell a very different story. SBF claims that the missing funds were misrepresented rather than lost because the platform’s assets simply declined in a bear market.
[SBF says:]
Money flowed here. pic.twitter.com/O6q77DvmTn
— SBF (@SBF_FTX) October 31, 2025
The rehabilitation plan currently covers $8 billion in damages and $1 billion in legal costs, but the foundation still has $8 billion in assets remaining. Nearly 98% of creditors have already received approximately 120% repayments, and remaining claims are expected to be settled in full. This result is almost unprecedented in a bankruptcy case and shows how quickly FTX investments and holdings have recovered as the crypto market recovers.
Currently, FTX’s holdings as of the filing date are worth an estimated $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), and 205,000 BTC. ($2.3 billion), 225.4 million XRP ($600 million),… pic.twitter.com/gzSpFGdfdy
— Wu Blockchain (@WuBlockchain) October 31, 2025
FTX’s asset portfolio looks like a snapshot of the broader digital economy’s resurgence. This includes 58 million SOL ($12.4 billion), 205,000 BTC ($2.3 billion), 890 million SUI ($2.9 billion), and shares in giant tech companies such as Anthropic ($14.3 billion), Robinhood ($7.6 billion), Genesis Digital Assets ($1.2 billion), and SpaceX ($600 million via K5 Global). In addition to these holdings, the estate reports $1.7 billion in cash and $345 million in stablecoins, strengthening its claim of solvency.
Issues of trust and transparency
This revelation raises major questions regarding the transparency of cryptocurrency exchanges and bankruptcy proceedings. If SBF’s claims are accurate, it suggests that FTX’s downfall may have had more to do with liquidity timing than actual bankruptcy. But critics argue that, regardless of the numbers, poor governance and opaque practices continue to cause significant damage to users and the industry’s reputation.
[SBF says:]
I’ve heard some people reply and ask, “Where did the money go?”
The answer is “I never left.” In fact, 98% of allowed FTX customer claims have already been repaid in full with interest.
This is in US dollars on the date of the petition. But when a bankruptcy lawyer files a lawsuit…
— HB Li (@HBLi17) October 28, 2025
As the value of digital assets rises again, the FTX incident serves as a stark reminder of how quickly the fortunes of cryptocurrencies can change, for better or for worse. While the perceived recovery will not erase lost confidence, it could change the way regulators and investors view future currency collapses.
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