Recently, FTX founder SBF released a new statement from prison, and the content is quite interesting.

This former crypto prodigy claims he was wrongfully accused, stating that FTX and its sister company Alameda were not insolvent at all, and that in November 2022 when the crisis erupted, they still held $25 billion in assets and $16 billion in equity value, fully capable of handling customer withdrawals.

But the key point here is that SBF accuses the bankruptcy team and external lawyers of messing everything up.
In this 15-page statement, he directly names current CEO Ray III, saying they seized control of the company and deliberately pushed FTX into unnecessary bankruptcy proceedings.
According to SBF, what was faced at the time was merely a liquidity crisis—that is, a sudden cash shortage—that could have been resolved by the end of the month, had these lawyers not forcibly taken over, which then caused a rapid deterioration.

What’s even more serious is that SBF claims the bankruptcy team had a strong motive to file for bankruptcy, portraying the company externally as a hopeless mess with no rescue value, and paying nearly $1 billion in consulting fees.
He even accuses them of treating $7 billion worth of FTT tokens as trash to cancel claims, “fire-selling” assets.
Based on SBF’s calculations, if these people hadn’t “destroyed” the company, these assets plus Alameda’s holdings of FTX equity would now be worth about $136 billion.

Of course, this isn’t the first time SBF has aired old grievances.
He wanted to present these arguments during the trial but was prohibited by the judge from submitting related evidence.
And honestly, the reason for FTX’s collapse has been clear for a long time—Alameda had a “secret backdoor” that allowed it to freely misappropriate customer funds without collateral to leverage and buy FTT, artificially inflating the balance sheet.
When this mechanism was exposed, it triggered a bank run, ultimately revealing an $8 billion shortfall, causing about $200 billion in market value to evaporate.

SBF was arrested in December 2022 and sentenced to 25 years in March 2024.
Now he insists from prison that he was wrongly convicted and is actively seeking a pardon from Trump.
He even claims on conservative platforms that he is a victim of “political revenge,” suggesting it’s because he shifted election donations from the Democratic Party to the Republican Party that the Biden administration targeted him.
Whether this story holds water, everyone probably has their own judgment.
But the story of FTX’s founder is truly outrageous—going from genius to inmate in such a rapid turn, it’s enough to make people sigh.