Sam Bankman-Fried Posts Lengthy 'FTX Was Never Insolvent' Document

2 days ago7 min read

From his digital prison, the fallen prince of crypto has unleashed a manifesto that would be laughable if it weren't so dangerously audacious. Sam Bankman-Fried, the convicted mastermind behind the catastrophic collapse of FTX, has circulated a lengthy document boldly claiming 'FTX Was Never Insolvent,' a statement so detached from the charred reality left in his wake that it demands a response forged in the cold, hard truth of Bitcoin maximalism.Let's be unequivocally clear: this isn't a defense; it's a delusion, a last-gasp narrative weapon fired into the court of public opinion from a man who has nothing left to lose. The entire premise is built on the same shaky, altcoin logic that fueled his empire—a house of cards constructed from his own FTT token and a web of interconnected, worthless paper promises.True insolvency isn't just a momentary liquidity crunch that could be papered over with a fictional bailout from a competitor like Binance; it's a fundamental, balance-sheet rot, a point of no return that FTX hit long before the bank run exposed the hollow core. Bankman-Fried's argument is the financial equivalent of claiming a building didn't burn down because the blueprints showed it was fireproof, ignoring the smoldering ruins and the billions in customer funds that evaporated into thin air.This is the ultimate expression of the altcoin mindset: a belief that reality can be rewritten with a clever smart contract or a persuasive-enough blog post. It's a world where 'proof-of-reserves' was a marketing slogan, not a verifiable fact, and where the very concept of sound money was subverted by the creation of synthetic assets and leveraged bets on a house-of-cards ecosystem.Contrast this with the immutable, unforgiving ledger of Bitcoin, a system where such fantasies cannot exist because the truth is baked into every block, transparent and unchangeable. The regulators he now seemingly courts for a more lenient sentence were the very entities he lobbied to keep at bay, all while his internal 'backdoor' allowed Alameda to siphon off customer deposits with impunity.This document is not for the courts; it's for the history books, a desperate attempt to muddy the waters and plant a seed of doubt for future apologists. The consequences of entertaining this fiction are dire; it undermines the very notion of accountability and provides a playbook for the next charismatic founder looking to build a trillion-dollar castle on a foundation of sand.The crypto space must reject this revisionism outright. The lesson of FTX isn't about complex financial engineering; it's a simple, age-old lesson about trust, transparency, and the peril of placing faith in a central figure over a decentralized, trustless protocol. Sam Bankman-Fried’s document is the final, gaseous emission from a failed experiment, and the only appropriate response is to let it dissipate into the ether, a forgotten testament to the hubris that Bitcoin was created to render obsolete.

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#Sam Bankman-Fried

#FTX

#insolvency

#document

#exchanges

#legal case

#crypto scandal

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