Where Did The Money Go? Sam Bankman-Fried’s Last Gamble

Sam Bankman-Fried is back in the spotlight, yet still denying blame. The convicted FTX founder claims his $32 billion crypto empire was never insolvent, accusing top law firm Sullivan & Cromwell and court-appointed CEO John J. Ray III of destroying billions in value. As an appeal hearing looms, his latest “evidence” has reignited the controversy around one of the biggest collapses in financial history.

In a new 27-page report titled “Where Did The Money Go?”, posted on X, Bankman-Fried insists that FTX always had enough assets to repay customers “in full, in kind.” He argues that lawyers forced the exchange into bankruptcy in 2022 for their own gain, selling key holdings such as Solana, Robinhood, and Anthropic at “fire-sale” prices. According to him, those assets,now worth many times more, prove FTX was solvent all along and that its downfall was manufactured by outsiders rather than internal fraud.

The report accuses the bankruptcy team of “seizing control” of FTX and dismissing key employees who understood the company’s systems. Bankman-Fried contends that if operations had continued, the estate’s value could have reached over $130 billion today instead of being drained by what he calls “mismanagement and excessive legal fees.” He highlights the firm’s $1 billion in professional costs as evidence of exploitation rather than recovery.

Investigators and industry experts quickly pushed back. Blockchain analyst ZachXBT called the report “misleading,” noting that FTX’s customer repayments were based on 2022 crypto prices, far below today’s levels. Critics argue that the exchange’s collapse stemmed not from undervalued assets, but from a massive liquidity shortfall and the commingling of customer funds, issues that no market rebound could erase.

Meanwhile, Bankman-Fried’s legal team is still pressing the U.S. Second Circuit Court of Appeals for a new trial, claiming judicial bias in his conviction on seven counts of fraud and conspiracy. Legal observers say his chances are slim, but the campaign to reshape public perception continues, mixing legal arguments with public-relations tactics.

Two years after FTX’s implosion, Bankman-Fried’s latest narrative shows a familiar pattern: deflection, denial, and a desperate bid to rewrite history. Whether in court or online, his final gamble seems less about freedom and more about salvaging a shattered legacy.