BTC PULSE
  • News
    • Altcoins
    • Blockchain
    • Bitcoin
    • Ethereum
    • NFT
    • Regulation
    • WEB 3.0
  • Price Prediction
  • Learn
  • Events
  • Advertise
No Result
View All Result
Play Now
  • News
    • Altcoins
    • Blockchain
    • Bitcoin
    • Ethereum
    • NFT
    • Regulation
    • WEB 3.0
  • Price Prediction
  • Learn
  • Events
  • Advertise
No Result
View All Result
BTC PULSE
No Result
View All Result
Play Now
Home Blockchain

With an Excel Sheet, Sam Bankman-Fried Claims FTX is Solvent

by Chiwuike Owunwa
Jan 20, 2023 - 12:00 am
in Blockchain
With an Excel Sheet

On the 18th of January 2022, the Former CEO of the imploded crypto exchange, FTX, claimed in a tweet that FTX US has always had more assets than debt.

FTX US is solvent, as it always as been.https://t.co/XjcyYFsoU0 pic.twitter.com/kn9Wm9wxjl

— SBF (@SBF_FTX) January 18, 2023

Sam Bankman-Fried, the fallen crypto entrepreneur who faces trial on fraud charges, reiterated his claim that the FTX US crypto exchange “was and is solvent.” saying that the statements made by FTX lawyers and debtors are “extremely misleading.”

In a statement on Substack on Tuesday, which he also referenced in his tweet, stating that FTX US likely has “hundreds of millions of dollars above the customers’ balances.” 

As a reminder, following the collapse of the FTX crypto exchange, United States prosecutors have charged Bankman-Fried with what they termed ‘fraud of epic proportion’ where he is accused of allegedly embezzling customer funds to benefit his trading firm Alameda Research, buying real estate and making political donations.

He is accused of diverting FTX customers’ funds to the crypto trading firm Alameda Research while raising more than $1.8 billion from investors,” which some allege is an orchestrated years-long fraud scheme in collaboration with the Alameda CEO, Caroline.

In his first court appearance, Bankman-Fried was charged with two counts of wire fraud and six counts of conspiracy, such as money laundering. 

SBF was eventually granted a $250 million bond, a decision that has since resulted in criticism from industry players since it’s believed that SBF used embezzled funds to post bail.

He officially entered a not-guilty plea in lieu of the eight charges filed against him at the New York U.S. District Court hearing on January 3. Following his denial of all charges, If SBF is eventually found guilty, he could face the full extent of the law, translating to a possible prison term of 115 years. His trial is set to begin on October 2.

After recording SBF’s not-guilty plea, the United States Attorney’s Office for the Southern District of New York (SDNY) swung into action, creating a special FTX task force in an attempt to trace stolen user funds and manage the investigations into the collapse of the exchange. 

Hopes are high, that the former FTX CEO will not just be banned from the financial industry but also serve his time in prison. Still, the possibility that he might get away with his crimes has to be in view, as the justice system doesn’t always play to the masses.

Tags: FTXSBF
Chiwuike Owunwa

Chiwuike Owunwa

Chiwuike is a frontend programmer and writer with 3 years experience in the Web3. He's meticulous researcher, enthusiastic about Blockchain and the future of crypto, DeFi, and the Metaverse.

Related Posts

FSB Chair Klaas Knot speaks in Madrid on crypto's growing risks

FSB Warns Crypto Nearing ‘Tipping Point’ as Stablecoins Deepen TradFi Ties

June 12, 2025

FSB warns crypto could soon pose systemic risks as ETFs and stablecoins deepen its integration into traditional finance...

Interactive Strength partners with Fetch.ai to launch a $500M AI token treasury

Interactive Strength Launches $500M AI Token Treasury in Landmark Fetch.ai Deal

June 11, 2025

Interactive Strength launches $500M AI token treasury with Fetch.ai, aiming to boost shareholder value and bring decentralized AI...

Uniswap price chart displaying breakout from inverse head-and-shoulders pattern with bullish momentum indicators

Uniswap Breaks Out of Inverse Head-and-Shoulders Pattern, Eyes 37% Upside

June 11, 2025

Uniswap breaks out of inverse head-and-shoulders, targets $10.40. Daily volume up 150%, user activity surging amid bullish DeFi...

blockchain

Circle’s Stellar IPO Fuels ProShares and Bitwise ETF Filings Tied to CRCL Shares

June 10, 2025

Circle’s explosive IPO drives ProShares and Bitwise to file CRCL-linked ETFs, reflecting rising institutional demand for stablecoin-linked equities.

Press Releases

image2

Could XYZVerse Overtake DOGE and SHIB? Analysts Say $0.003333 Could Explode to $10!

March 30, 2025

XYZVerse aims to outpace DOGE and SHIB, with bold $10 price goals, strong community rewards, and rising demand as it...

image1 1

Massive Institutional BTC Buys Could Launch the Next Bull Market: 5 Altcoins to Watch

March 29, 2025

Institutional Bitcoin buys may trigger a market surge. Five altcoins, including $XYZ, stand to gain—early investors could see major ROI...

image1

XRP Faces Strong Resistance While XYZVerse Gains Early Investor Attention With 10 Billion $XYZ Airdrop

March 28, 2025

XRP struggles at resistance, while XYZVerse grabs early investor attention with a 10B token airdrop and rapid growth toward a...

BTC

Popular Memecoin MEW Pledges $10,000 to Pasadena Humane Organization to Aid Animals Affected by California Wildfires

January 20, 2025

MEW memecoin donates $10K to Pasadena Humane for wildfire-affected animals. Join the mission to aid pets and wildlife in crisis...

View All
BTC-Pulse LogoTransparent

© 2024 BTC-PULSE. Disclaimer: The content is for informational purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice.

News

  • Altcoins
  • Bitcoin
  • Ethereum
  • NFT
  • Regulation
  • WEB 3.0

Info

  • Learn
  • Price Prediction
  • Events
  • Press Releases
  • Sitemap

Company

  • About Us
  • Terms of Service
  • Privacy Policy
  • Contact Us
  • Advertise

©2024 BTC-PULSE – All right Reserved.

No Result
View All Result
  • News
    • Altcoins
    • Blockchain
    • Bitcoin
    • Ethereum
    • NFT
    • Regulation
    • WEB 3.0
  • Price Prediction
  • Learn
  • Events
  • Advertise